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California insurtech raises $250 million


Next Insurance Services Inc. has raised $250 million in new funding, the Palo Alto, California-based insurtech said Wednesday.

This latest funding round, led by FinTLV Ventures and Battery Ventures LP, puts the company's valuation at $4 billion and total funding raised at $881 million.

FinTLV Ventures founder and managing partner Gil Arazi and Battery Ventures general partner Michael Brown will join Next Insurance as board observers. Mr. Arazi called the company “the future of insurance.”

Next Insurance provides coverage for small businesses and the self-employed and said it has “a growing customer base of over 200,000.” It added 180 employees in 2020 and also acquired Juniper Labs LLC, a provider of data and underwriting technology.





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