Small Biz Insurer Next Insurance Raises $265M

Next Insurance raised a massive $265 million strategic round from insurance giants Allstate and Allianz’s investment arm, Allianz X.

The Palo Alto, California-based startup, which specializes in small business insurance products, has now raised more than $1.1 billion since being founded in 2016, per the company.

The deal forms a new strategic partnership with Allstate and deepens an existing reinsurance relationship with Allianz.

“We founded NEXT because we saw an opportunity to help millions of small and microbusinesses across the U.S. and made it our mission to help entrepreneurs thrive,” co-founder and CEO Guy Goldstein said in a release. “Building on our existing support, we are excited to welcome Allianz X and Allstate as investors, deepen our reinsurance relationship with Allianz Re, and foster a meaningful partnership with Allstate to offer millions of their customers our one-stop-shop small business insurance offering.”

Source: news.crunchbase.com