Next Insurance, an online insurance platform has raised $29 million in a Series A round of funding led by Rs/HSB Ventures, Market, and Nationwide, with participation from other existing investors.
Next Insurance was founded in 2016 and it is the latest in a long line of insurance tech startups to have received garner VC funding. Other startups to have gotten the same are New York based Lemonade, Insurify and Trov. Next Insurance in partnership with existing insurance providers focuses on the packaging of insurance policies within its technology platform.
Next Insurance creates a direct link with targeted small business owners and focuses on particular industries like landscaper insurance, janitorial insurance and yoga insurance. Next CEO and co-founder Guy Goldstein said, “The small business sector is vast and extremely varied, yet the small business insurance market is digitally underserved.” About half a year ago, the company had raised $13 million in seed funding ahead of its official launch. Now with $29 million more in the bank, it will be able to double down on building out insurance products and enter new sectors.