A three years old US based company called Next Insurance sells different insurance products to the small businesses. It has become the most recent unicorn across the entire nation after bagging the $250 million in fresh financing round. One of the largest reinsurers in the world which is German based Munich Re, funded the Series C round of Next Insurance alone. The startup firm said that the financing round had the three year old startup firm and had raised $381 million.
The co-founder and chief executive officer of the Next Insurance, Guy Goldstein said that they would use those capitals to create new products and to expand their customer initiatives. Besides, Next Insurance also offers a large insurance coverage to more than 1000 unique businesses. The startup has gathered over 70,000 customers only in the US as their market situates there.
The goal of Next Insurance is to be a one-stop insurance shop which is for the small and the micro businesses. The insurance plans and the products have been designed for the business sectors which are most of the time overlooked by the general insurers. They offer a wide-range of insurance products which include general liability and cover a large number of accidents like physical injury, property damage and even professional liabilities.
The Chairman of the Board of Management in Munich Re called Joachim Wenning stated that the investment will aid Munich Re to expand their footprint in the insurance market of US for the medium and small-sized commercial customers. He added that Next Insurance would be benefited from their expertise in the primary insurance and the reinsurance as well, and that investment emphasized the commitment of Munich Re to be the most leading provider.
Next Insurance is competing with several startups like Lemonade, which in April 2019, raised around $300 million. Another one named Root Insurance that sells car insurance, raised over $100 million in the last year.