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FT Partners Advises Next Insurance on its $250,000,000 Series C Financing from Munich Re

Overview of Transaction

  • On October 7, 2019, Next Insurance announced that it has raised $250 million in its Series C funding round from Munich Re
  • Founded in 2016 and headquartered in Palo Alto, CA, Next Insurance is the leading digital insurance company for small businesses
  • Revolutionizing traditional insurance processes, Next Insurance utilizes advanced technology to offer the industry’s most innovative small business insurance policies
  • Munich Re is one of the world’s leading providers of reinsurance, primary insurance, and insurance-related risk solutions
  • In May 2018, Next Insurance announced its 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 configuration of policies

Significance of Transaction

  • The Series C round brings Next Insurance’s total funding to $381 million in just over three years, with a valuation of over $1 billion
  • The new funds will continue to help Next Insurance grow its team, develop its technology, and accelerate customer growth
  • Additionally, the investment allows Munich Re to expand its footprint in the small and medium-sized business insurance market in the United States

FT Partners' Role

  • FT Partners served as exclusive strategic and financial advisor to Next Insurance and its Board of Directors
  • FT Partners also advised Next Insurance on its $83 million Series B financing in 2018
  • This transaction underscores the long-term nature of many of FT Partners’ relationships as well as our successful track record generating highly favorable outcomes for leading InsurTech companies