On-line insurance coverage firm for the self-employed Subsequent Insurance coverage simply closed a $250 million funding spherical. The funding marks the corporate’s second $250 million funding acquired previously seven months.
Buyers embrace FinTLV Ventures and Battery Ventures, which led the spherical, with participation from CapitalG, Group 11, Zeev Ventures, Founders Circle, and G Squared.
With its whole funding now at $881 million, Subsequent Insurance coverage’s valuation now sits at $4 billion. This determine is double the $2 billion valuation assigned to the corporate final September.
The valuation enhance is well-deserved. Up to now six months, Subsequent Insurance coverage introduced two acquisitions, added new strategic companions, and doubled its gross written premium (for these not within the insurance coverage business, gross written premium is actually the whole quantity clients pay for insurance coverage protection).
Because it was based in 2014, Subsequent Insurance coverage has boosted its consumer base to greater than 200,000. The corporate leverages machine studying and a purely digital strategy to drive prices down by as much as 30% compared to conventional insurance policies.
“This newest spherical of financing is a validation of our imaginative and prescient which is to make it dramatically simpler for small enterprise homeowners to get the insurance coverage protection they want by eradicating friction from the client expertise,” mentioned Subsequent Insurance coverage Co-founder and CEO Man Goldstein. “It begins with creating a complete digital product portfolio beneath one roof, continues with leveraging expertise that improves the client expertise, and ends with a community of built-in partnerships that carry coverage buying to the client throughout the programs they already use.”