Palo Alto based online insurance company for SMBs, Next Insurance, secured $13m in seed.
“We are changing the market with a solution that makes it simple, fast, and transparent for small businesses to find and obtain insurance online vs. having to physically visit agents each time they need to make a change,” said Guy Goldstein, CEO, Next Insurance. “Starting a new small business is exciting, and setting up insurance shouldn’t be slow, cumbersome, or get in the way of what’s important.”
This is yet another early stage startup closing a substantially large seed round. Insurance expect to see many more coming up!
Next Insurance, with plans to launch the go-to solution for how small businesses find and obtain insurance online, announced a $13 million seed investment led by investors Zeev Ventures, TLV Partners and Ribbit Capital. Next Insurance was founded by seasoned tech entrepreneur Guy Goldstein, Nissim Tapiro, and Alon Huri. All three were on the former executive team at mobile payments company Check, which was acquired by Intuit in 2014 for nearly $400 million under their leadership. Insurance is a $1 trillion market in the US, with small business insurance accounting for about $100 billion. There are 28 million small businesses in the US, and half a million new ones opening every month. Obtaining insurance, a process that should be easy and relatively straightforward, is still archaic and complicated for these businesses, which primarily work with insurance agents at brick-and-mortar establishments.