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April 1, 2021

US insurtech Next Insurance secures $250m investment at $4bn valuation

Small business-focused insurtech Next Insurance has received $250m in additional funding, which takes its valuation to $4bn.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
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  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
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by GlobalData
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The financing round was led by FinTLV Ventures and Battery Ventures. They were joined by CapitalG, Group 11, Zeev Ventures, Founders Circle and G Squared.

As part of the transaction, FinTLV Ventures founder and managing partner Gil Arazi along with Battery Ventures general partner Michael Brown will become board observers.

With the fresh funds, the firm’s total capital raised until now comes to $881m.

Next Insurance co-founder and CEO Guy Goldstein said: “This latest round of financing is a validation of our vision which is to make it dramatically easier for small business owners to get the insurance coverage they need by removing friction from the customer experience.

“It starts with developing a comprehensive digital product portfolio under one roof, continues with leveraging technology that improves the customer experience, and ends with a network of integrated partnerships that bring policy purchasing to the customer within the systems they already use.”

Palo Alto-based Next Insurance, set up in 2016, leverages artificial intelligence (AI) technology and machine learning to simplify the purchasing process.

The company claims that its technology-driven approach reduces costs by up to 30% compared to traditional policies.

The firm has been in the news recently for its partnership with Amazon Business to offer customised small business insurance to eligible members.

Also, last month, the insurtech signed a definitive agreement to acquire digital insurance agency AP Intego.

In December 2020, Next Insurance acquired Juniper Labs – that offers alternative open data and underwriting technology for small businesses. The deal marked Next Insurance’s first acquisition.

Next Insurance further said that it has been on a growth trajectory last year, when it increased customers holding more than one policy by ten times and hiring180 new employees.

Arazi stated: “Next Insurance’s full-stack approach to providing coverage for small businesses has created a radical paradigm shift in the legacy insurance industry.

“This value proposition, combined with a differentiated focus on machine learning and growing an innovative product portfolio has created unstoppable momentum that is undoubtedly changing how small businesses shop and purchase insurance.”

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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