Palo Alto based small business insurance provider has raised a $250m Series C led by Munich Re, valuing the startup at more than $1b.
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Next Insurance Raises $250 Million From Munich Re
Insurance-technology startups have been able to raise significant funding this year, as investors believe that selling policies digitally in a simple way can attract new customers quickly. Auto policy provider Root Insurance Co. was valued at $3.65 billion, and property insurance company Lemonade Insurance Co. raised capital at a valuation of more than $2 billion. Next Insurance remains small relative to other companies in the insurance industry, but as a fast-growing startup in a very large market like small-business insurance—and especially as a company that has an eye to profitability—it can justify a high valuation, Mr. Goldstein said.
