Palo Alto based online insurance platform Next Insurance has raised $29m in Series A funding led by Munich Re/HSB Ventures. Next Insurance says that it creates a “direct link” with targeted small business owners and focuses on specific industries, such as “yoga insurance,” “landscaper insurance,” and “janitorial insurance.”
Founded out of Palo Alto, Calif. in 2016, Next Insurance is the latest in a long line of insurance tech startups to garner VC funding, with the likes of New York-based Lemonade raising one of Sequoia’s largest-ever seed rounds back in 2015, while Insurify recently closed a $4.6 million round for its auto insurance comparison bot, and last month Trov closed a $45 million round. Notably, German insurance giant Munich Re also led that round of funding through its HSB Ventures offshoot. Unlike fledgling insurance companies such as Lemonade, which is licensed to issue its own policies, Next Insurance partners with existing insurance providers to actually issue the policies, with Next focusing on packaging the policies within its technology platform.