Reinsurance News

Munich Re, Alphabet-backed insurtech Next secures $250mn in funding

24th September 2020 - Author: Charlie Wood

Next Insurance, the digital insurtech firm backed by Munich Re, has raised $250 million in a Series D financing round led by Alphabet’s independent growth fund, CapitalG.

Alphabet is the parent company of Google and several former Google subsidiaries.

CapitalG Partner Sumiran Das will join the Next Insurance Board of Directors.

Next Insurance has now raised $631 million and increased its Gross Written Premiums year-over-year by 133%.

The company has also expanded its workforce by 50% in 2020, with plans to hire over 200 new employees over the next 12-18 months across their offices in Palo Alto, Austin and Israel.

“Next Insurance is modernizing insurance for small business owners — making it fast and simple to get broad, customized coverage,” said Das.

“We believe that there is an opportunity to use technology to transform the small business insurance experience in the U.S. and build a national insurance leader.

“Next Insurance has the right team and capabilities to capitalize on this vision and is well on its way to doing so. We are proud to partner with Guy Goldstein and the Next team to help them accelerate their vision.”

Guy Goldstein, co-founder and CEO of Next Insurance added, “We aspire to help businesses thrive by delivering phenomenal insurance products and experience.

“Insurance is a market primed for a new approach – one that believes it is a social good and cares for its customers.

“We believe we have the right team, the right approach and the right products to enable us to lead the shift in this industry, and we are excited to have CapitalG joining the ride.”

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