The Israeli InsurTech Unicorn secures half of a billion dollars in 6 months, almost doubling its valuation Oshry Alkeslasi / 4 Apr 2021 • 2 min read
InsurTech startup Next Insurance continues its roar on the insurance scene, closing a $250 million Series E round. The investment was led by FinTLV and Battery Ventures, while Founders Circle, Zeev Ventures, Group 11, CapitalG, and G Squared also got in on the action. Next lands its Series E at a valuation of $4 billion - almost doubling the startup’s valuation from a September 2020 round.
Six months later: Valuation doubled
The Series E comes just 6 months following the company’s last round, when it raised $250 million from CapitalG at a $2.2 billion valuation. Since then, Next has acquired American startup Juniper Labs, which experts in ML and Big Data focused on the insurance sector. Earlier this mont
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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
The confidence the trio exhibits is due to the fact that they all achieved exits at previous companies, and because of the love and money that investors shower them with. It’s a lot of money, often more than they need. The unicorn era is in part, if not solely, a result of a cheap, unlimited supply of money that is found in the hands of venture capitalists and private investors and must spill over into the high-tech market. Competition over having a share of the next big company has inflated startups’ valuation, even if their profitability is not enough to justify it.