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Munich Reinsurance Co. has invested $250 million in insurtech Next Insurance Inc., increasing its overall stake in the California-based small-business insurance startup to 27.5%, both companies announced Monday.
The latest Series C financing round values Next, which has raised $381 million in just over three years, at $1 billion, the companies said in separate statements.
The investment expands Munich Re’s footprint in the insurance market for small and medium-sized businesses in the U.S., the reinsurer said in its statement.
Next will use the funds to develop new products, the Palo Alto, California-based startup said.
“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,” Guy Goldstein, co-founder and CEO of Next, said in its statement.
Founded in 2016, Next provides digital insurance, including general liability, professional liability, commercial auto and workers compensation coverage to over 1,000 types of business across the U.S., according to its statement.
(Reuters) — HSB Ventures Inc., the venture capital subsidiary of German reinsurer Munich Re, has led a $45 million investment in Trov, a U.S.-based technology startup that provides on-demand insurance.