Palo Alto-based insurtech platform Next Insurance announced Wednesday that it raised $250 million in fresh financing in a round led by FinTLV Ventures and Battery Ventures.
The latest raise comes just six months after the company closed its Series D. Since then, the insurtech unicorn’s valuation doubled and now stands at a whopping $4 billion.
The company’s valuation isn’t the only thing to have doubled in size over the last six months; it reported serving 100,000 customers at the time of its last raise and recently announced that it now serves 200,000.
Next Insurance provides small-business owners with customized insurance policies. The insurtech platform covers general liability, professional liability, worker’s compensation and other policies that SMB owners typically don’t have the resources to cover themselves.
“We are dedicated to simplifying the business insurance experience so that small business owners can shop for and buy affordable insurance policies that fit their exact needs completely online,” Guy Goldstein, co-founder and CEO of Next Insurance, said in a statement.
Next Insurance takes a full-stack approach to providing coverage for small businesses. The company’s platform leverages AI and machine learning in an effort to simplify the purchasing process. With its technology, Next Insurance claims that its digital policies can be purchased in 10 minutes or less.
Following the latest raise, Next Insurance plans to expand its product offering as well as grow its team. The company hired 180 employees in 2020 and it plans to keep up the momentum in 2021.
Next Insurance is now hiring for dozens of open positions at its Palo Alto headquarters. Available roles span the company’s operations, product, data and engineering teams, to name a few.
“We’re not done improving the lives of small-business owners, but we’re proud of what we’ve accomplished thus far,” Goldstein continued.
Next Insurance has raised a total of $881 million in financing to date, according to the company.
Additional investors CapitalG, Group 11 and Zeev Ventures participated in the round, among others.