New funding from leading strategic and existing investors comes amidst a 300% growth in members on the company's platform and the launch of its newest product for the long-term care insurance industryBOSTON
High-tech companies like Israel-based Lemonade stormed Wall Street promising to reinvent the staid insurance industry, but their plummeting share prices tell a tale of disappointment.
Next Insurance Funding Hits $881M After Latest $250M Round
Next Insurance raised $250 million in new venture financing – a major cash infusion after a year of acquisitions and other actions to further growth.
FinTLV Ventures and Battery Ventures led the Series E financing round. CapitalG, Group 11, Zeev Ventures, Founders Circle and G Squared also participated. As part of the new financing, FinTLV Ventures founder and Managing Partner Gil Arazi and Battery Ventures General Partner Michael Brown will join as board observers.
Next Insurance, launched in 2016, has raised $881 million to date including the new round. That surpasses the $523 million in venture capital Root raised and the nearly half-billion dollars Lemonade pulled in before their respective initial public offerings in 2020. Other insurtechs in recent months have raised far less and gone public through reverse merger transactions.
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Next Insurance founders Nissim Tapiro, Guy Goldstein, Alon Huri. Courtesy
Israeli-founded insurtech company Next Insurance doubled its valuation to $4 billion in six months, raising another investment of $250 million, the company announced on Wednesday. The funding round was led by FinTLV Ventures and Battery Ventures, with participation from CapitalG, Group 11, Zeev Ventures, Founders Circle, and G Squared.
Next Insurance last raised $250 million in September 2020 at a valuation of $2 billion. And the latest round brings its total capital raised to date to $880 million.
Founded in 2016 by Alon Huri, Guy Goldstein, and Nissim Tapiro, the company provides digital, small business insurance coverage across the US, offering tailored, easy-to-understand policies with instant, 24/7, online access and in-house claims filings where a decision is typically made within 48 hours. The policies include general liability, professional liability, commercial auto and
FinTLV closes its second, $120 million Global InsurTech-FinTech fund ibsintelligence.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ibsintelligence.com Daily Mail and Mail on Sunday newspapers.