Existing investors Ribbit, Zeev Ventures and TLV Ventures also contributed to the Series A round for the company, which is now based in Silicon Valley.
The company, which released its Facebook chatbot for small business insurance recently, will invest the funds in developing more digital insurance products and push into new sectors. Lately it has begun selling more to small businesses such as photographers and personal trainers, according to the company.
The small business insurance market is “digitally underserved,” said Next Insurance CEO Guy Goldstein in a statement.
“Next’s platform is able to overcome significant challenges by simplifying and expediting the insurance sign up and engagement process for the small business owner and channeling advanced data analytics to create policies that are tailored to the unique needs of different classes of business,” he said.