Next Insurance, a Palo Alto, CA-based technology-first small business insurer, raised $265M in funding.
Backers included The Allstate Corporation (NYSE: ALL) and Allianz X. Next also entered partnerships with Allstate and Allianz X. The company will provide its products to Allstate customers, expanding its footprint to even more small businesses nationwide. NEXT and Allstate will co-develop innovative and commercial auto products to target market of 33 million small businesses. The deal with Allianz Re bolsters Next’s reinsurance relationship with a multi-year commitment.
The company intends to use the funds to accelerate its path to profitability and continue expanding its distribution efforts nationwide.
Led by CEO Guy Goldstein, NEXT Insurance provides SMBs with policies that are easy to buy and provides 24/7 access to Live Certificates of Insurance, additional insured, and more. The company utilizes AI and machine learning to simplify the purchasing process and provide more affordable coverage. Its products are used by over 500,000 business owners.
FinSMEs
01/11/2023