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FT Partners Advises Next Insurance on its $83,000,000 Series B Financing Round

Overview of Transaction

  • On July 11, 2018, Next Insurance announced an $83 million Series B financing round led by Redpoint Ventures
  • Other investors that participated in the round include Nationwide, Munich Re, American Express Ventures, Ribbit Capital, TLV Partners, SGVC and Zeev Ventures
  • Elliot Geidt, Partner at Redpoint Ventures, will join the board of Next Insurance
  • Founded in 2016 and headquartered in Palo Alto, CA, Next Insurance is the leading digital insurance company for small businesses
  • Next Insurance champions technological innovation and sophisticated uses of AI and machine learning to improve customer experience and streamline the insurance purchasing process
  • In May 2018, Next announced its new status as a licensed insurance carrier, allowing the Company to write policies independently, as well as to have more freedom over underwriting, setting of prices, and configuring of policies

Significance of Transaction

  • The funding will enable Next Insurance to continue its expansion throughout the US as a full service insurance carrier, further innovate claims handling, offer coverage to many more classes of business, and significantly grow internal operations in both the US and Israel
  • The Series B round brings Next Insurance‚Äôs total funding to $131 million in just two years

FT Partners' Role

  • FT Partners served as exclusive strategic and financial advisor to Next Insurance and its Board of Directors
  • This transaction underscores FT Partners' successful track record generating highly favorable outcomes for leading InsurTech companies