Next Insurance, a US-based insurtech statup, has raised $83m in a series B funding round led by Redpoint Ventures.

The recent funding round was also joined by investors who have participated in past funding rounds, such as Munich Re, Nationwide, American Express Ventures, TLV Partners, Ribbit Capital, SGVC and Zeev Ventures.

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With the latest funding, Next has raised a total of $131m in just two years.

The company intends to use the proceeds to expand its operations in California as well as in Israel.

The fully-licensed carrier plans to grow and expand its operations across the 50 states of the US. Currently, Next Insurance is a licensed carrier in North Carolina, Texas, New Mexico, Delaware, Oklahoma, Arizona, Maryland and Utah.

Redpoint Ventures managing director Elliot Geidt said: “Next Insurance is fundamentally reshaping the way that small business insurance is delivered, providing an elegant product experience and lower cost offerings.

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“Their combination of underwriting depth, digital product sensibilities, and vision has cracked the code of small business insurance and we’ve joined them to continue to enable their explosive growth.”

Next Insurance CEO Guy Goldstein said added: “We’re excited about what this funding will enable all of us at Next Insurance to do: provide more small businesses across all 50 states with the simple, affordable, tailored insurance they need in order for their businesses to thrive.

“We aim to be the company that supports small businesses as they move forward, and this new funding will enable us to grow and expand our efforts to do so.”