Digital insurance technology start-up Next Insurance secured its status as Israel’s latest “unicorn” on Monday, raising $250 million in a Series C funding round by leading German reinsurer Munich Re.Based on its latest funding round, which brings the Kfar Saba and Palo Alto-based company’s total funding to $381m., Next Insurance joins a modest but growing club of Israeli “unicorns” – referring to start-ups reaching or exceeding a $1b. market valuation. Other leading investors to date have included Redpoint Ventures, Nationwide, Markel, American Express Ventures, Ribbit Capital, TLV Partners, Group 11 and Zeev Ventures.The “Insurtech” start-up provides digital insurance coverage to more than 1,000 small businesses in the United States, enabling firms to acquire property and casualty (P&C) insurance at its online “one-stop-shop.”Founded in 2016 by a team of serial entrepreneurs, Next Insurance says the latest round of investment will enable it to “significantly accelerate” its customer expansion initiatives.“We have been working with Munich Re since the beginning, and they have been a great partner in helping us grow and develop our business,” said Next Insurance co-founder and CEO Guy Goldstein. “We launched Next Insurance in order to transform the small business insurance industry, and this new investment will continue to help us grow our team, develop our technology, deliver phenomenal service and accelerate customer growth. We are excited about the future of insurance and are proud to be, together with Munich Re, drivers of industry change.”In addition to catering to the needs of small businesses, Next Insurance offers policyholders real-time certificate of insurance verification and access to an online portal, where customers can add insurance for additional workers, update policy or payment information, and send verifiable proof of insurance.Last month the company launched “Next for Agents,” enabling independent insurance agents to quote and sell Next Insurance policies through both its dedicated agent portal or through independent agent platforms.“Next Insurance’s data and technology-driven business model offers outstanding growth opportunities, which we will harness together,” said Joachim Wenning, chairman of the Board of Management at Munich Re. “Next Insurance will benefit from our expertise in primary insurance and reinsurance. This investment emphasizes Munich Re’s commitment to being the leading provider of digital insurance solutions.“It also helps Munich Re expand its footprint in the promising insurance market for small and medium-sized commercial customers in the United States. We are confident that building on our proven collaboration will benefit both Munich Re and Next Insurance.”
"Next Insurance will benefit from our expertise in primary insurance and reinsurance. This investment emphasizes Munich Re's commitment to being the leading provider of digital insurance solutions. It also helps Munich Re expand its footprint in the promising insurance market for small and medium-sized commercials. customers in the United States. We are confident that building on our proven collaboration will benefit both Munich Re and Next Insurance. "