Munich Re invests $250m in Israel's Next Insurance

CEO Guy Goldstein, CTO Alon Huri, and VP R&D Nissim Tapiro.

The Kfar Saba-based company has developed technology for providing online insurance for small and medium-sized businesses in the US.

Israeli digital insurance company Next Insurance has raised $250 million from Munich Re, at a company valuation of more than $1 billion. Kfar Saba-based Next Insurance has raised $380 million including the latest financing round. The investment will be used for product development and customer expansion.

Next Insurance has developed technology for providing online insurance for small and medium-sized businesses in the US. The insurtech company was founded in 2016 by was founded by CEO Guy Goldstein, CTO Alon Huri, and VP R&D Nissim Tapiro. The three founders previously founded Check, which developed an app for following the user's bank account and was sold to US company intuit for $360 million. 

Previous investors in Next Insurance include Red Point Ventures, American Express, Ribbit Capital, and three Israeli funds TLV Partners, SGVC Fund and Zeev Ventures. 

The company, which began by acting as an agent and selling policies for other insurance companies is now an insurance company in its own right and has 200 employees, half of them in Israel. 

Huri told "Globes," "Our vision is to be a one-stop-shop for small businesses. A small business in the US needs to take out insurance for its vehicles, its employees and more and we want to provide all these types of insurance in one place, and to give every business what it needs. The last product that we built was insurance for employees and that's the product that we worken on together with Munich Re."

Published by Globes, Israel business news - en.globes.co.il - on October 7, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

CEO Guy Goldstein, CTO Alon Huri, and VP R&D Nissim Tapiro.
CEO Guy Goldstein, CTO Alon Huri, and VP R&D Nissim Tapiro.
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