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Next Insurance Acquisition, Valuation, Funding & Investors
Next Insurance was acquired by ERGO Group for $2.6B in March 2025, a 4.7x multiple on $548M of revenue.
Next Insurance acquisition price
$2.6B
Acquired by ERGO Group · Mar 2025
Next Insurance revenue at acquisition
$548M
Last twelve months · Mar 2025
Next Insurance revenue multiple at acquisition
4.7x
EV/Revenue · Mar 2025
Cumulative funding Next Insurance raised
$1.1B
across 7 funding rounds
About Next Insurance
Next Insurance is a Palo Alto-headquartered insurtech company delivering online insurance policies for small businesses throughout the United States. It provides general liability, professional liability, workers' compensation, and commercial auto coverage through an instant-quote platform. Clients access customizable plans via mobile app for policy management and claims filing. Founded in 2016, Next Insurance partners with over 400 occupations including contractors, consultants, and retailers.
Founded
2016
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Revenue
$548M (Mar 2021)
Valuation
$4B (Nov 2023)
Sectors
Next Insurance Acquisition
Next Insurance was acquired by ERGO Group for $2.6B on 20 March 2025.
The acquisition price implies a 4.7x revenue multiple on $548M of revenue.
Before the acquisition Next Insurance had raised $1.1B across 7 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 20 Mar 2025 | Strategic M&A | $2.6B | 4.7x |
Next Insurance Valuation
Next Insurance is currently valued at $4B, based on its Series F in November 2023.
The $265M round was led by Allianz X and Allstate, with participation from Employee Stock Option Fund.
Next Insurance's valuation has grown 4.0x from $1B at its Series A in May 2017 to $4B in November 2023, across 5 priced rounds.
Next Insurance valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2023 | Series F | $4B | - |
| Mar 2021 | Series E | $4B | 7.3x |
| Sep 2020 | Series D | $2B | 3.6x |
| Oct 2019 | Series C | $1B | - |
| May 2017 | Series A | $1B | - |
Next Insurance Revenue
Next Insurance's latest recorded revenue is $548M, as of its Series E in March 2021. At a $4B valuation, that implies a 7.3x revenue multiple.
Revenue moved from $548M in September 2020 to $548M in March 2021, while the revenue multiple moved from 3.6x to 7.3x.
Next Insurance revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Mar 2021 | $548M | $4B | 7.3x | Series E |
| Sep 2020 | $548M | $2B | 3.6x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Next Insurance Funding History
Next Insurance has raised a total of $1.1B across 7 funding rounds.
Next Insurance's first fundraising round was a $13M seed round in March 2016. The most recent completed round was a $265M Series F in November 2023.
Next Insurance funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2023 | Series F | Allianz X (lead); Allstate (lead); Employee Stock Option Fund | $265M | $4B | Next Insurance is a Palo Alto-based insurtech company founded in 2016, specializing in digital insurance products for small and medium-sized businesses in the U.S., using proprietary machine learning for quick premium quotes and customized coverage. The company raised $265 million in a strategic Series F round in November 2023 from Allianz X and Allstate, marking its largest funding round and bringing total capital raised to over $1.1 billion. This investment deepens ties with Allianz as a reinsurer and forms a partnership with Allstate to distribute Next's products to their customers and co-develop commercial auto insurance offerings. One source reports the post-money valuation at $2.5 billion based on this investment, while the official announcement did not disclose a valuation, and prior Series E in 2021 valued the company at $4 billion. The funding aims to accelerate growth, expand market reach to serve more of the 33 million U.S. small businesses, retain risks on its balance sheet, and advance toward profitability, with executives estimating breakeven in a few quarters post-round. Next serves over 500,000 business owners and positions itself to disrupt the traditionally manual commercial insurance market. No specific revenue, ARR, or EBITDA metrics for 2023 appear in the sources, though the company highlights recent growth and a path to profitability. Strategic partnerships with Allstate and Allianz provide distribution and reinsurance advantages, positioning Next as a leader in B2B small business insurance amid insurtech convergence with incumbents. The round reflects confidence in Next's technology-driven model despite a broader startup valuation slowdown. |
| Mar 2021 | Series E | Battery Ventures (lead); FinTLV Ventures (lead); Group 11; Zeev Ventures; Founders Circle Capital; G Squared; CapitalG | $250M | $4B | Next Insurance, an Israeli-founded insurtech headquartered in Palo Alto, California, provides digital insurance products tailored for small businesses and the self-employed, using AI and machine learning to simplify purchasing and reduce costs by up to 30% compared to traditional policies. The company transforms the legacy insurance industry with a full-stack approach, offering comprehensive coverage under one digital roof and integrating with partners' systems. Founded in 2016, it operates as a licensed insurance carrier after starting as an MGA for small and medium-sized businesses. On March 31, 2021, Next Insurance raised $250 million in a funding round led by FinTLV Ventures and Battery Ventures, with participation from CapitalG, Group 11, Zeev Ventures, Founders Circle, and G Squared. This Series E round doubled the company's valuation to $4 billion post-money from $2 billion in its prior $250 million raise in September 2020, bringing total funding to $881 million. FinTLV's Gil Arazi and Battery Ventures' Michael Brown joined as board observers. The round followed significant momentum, including acquisitions of Juniper Labs in December 2020 and AP Intego, which added scale with around $185 million in active premium. Next Insurance doubled its gross written premium run rate to $200 million by February 2021 (pre-AP Intego), up from $100 million in February 2020, grew its customer base to over 200,000 small businesses, increased multi-policy customers tenfold in 2020, hired nearly 200 employees, and tripled agent partner premium volume. CEO Guy Goldstein emphasized accelerating innovation and customer experience improvements. The funding supports expansion of product portfolio, customer acquisition, and technology to serve U.S. small businesses, positioning Next Insurance as a leader in insurtech alongside competitors like Root and Lemonade. |
| Sep 2020 | Series D | CapitalG (lead); Munich Re Ventures (lead); MS&AD Ventures; FinTLV Ventures | $250M | $2B | Next Insurance is a Palo Alto-based insurtech founded in 2016, providing digital property and casualty insurance tailored for small and medium-sized businesses (SMBs) across all 50 U.S. states. The company offers a full-stack insurance platform with instant online quotes and policies, focusing on general liability, workers' compensation, and commercial auto, leveraging data-driven underwriting to serve underserved SMB segments. In September 2020, Next Insurance raised $250 million in its Series D funding round led by CapitalG (Alphabet's growth fund) and Munich Re Ventures, with participation from FinTLV Ventures and existing investors including Munich Re Group. This followed a $250 million Series C in October 2019 led by Munich Re Ventures, which valued the company slightly above $1 billion post-money, increasing Munich Re's stake to ~27.5%. The 2020 round doubled the prior valuation to over $2 billion post-money, as stated directly in the company's official blog announcement and corroborated by contemporary reports; one pre-close report cited ~$2.25 billion. Traction around the round included covering over 100,000 businesses nationwide and achieving 133% year-over-year growth in written premiums, with a peak of over $750,000 in signed premiums in a single day. Funds were earmarked for technological enhancements, product expansion (including the recent Next for Agents service), market growth, and the acquisition of Juniper Labs to bolster data science and risk modeling. The round positioned Next as a unicorn with rapid scaling amid a hot insurtech market, backed by strategic investors like CapitalG and Munich Re, who brought reinsurance expertise. Subsequent developments saw valuations peak at $4 billion in 2021 before adjusting to $2.5 billion in a 2023 round, culminating in a full $2.6 billion acquisition by Munich Re's ERGO unit announced in March 2025 and closed later that year. |
| Oct 2019 | Series C | Munich Re Ventures (lead); Group 11; Zeev Ventures; Amex Ventures; Poalim Equity; Global Founders Capital; Ribbit Capital; TLV Partners | $250M | $1B | Next Insurance is a Californian insurtech startup founded in 2016, offering tailored digital insurance solutions such as general liability, commercial auto, professional liability, and workers' compensation to small and medium-sized enterprises (SMEs) in the US market. The company leverages a data- and technology-driven business model to provide instant, affordable coverage through its digital platform, targeting the attractive US SME insurance market with a premium volume of US$139bn. On approximately October 7, 2019, Munich Re Ventures led a strategic investment round by injecting an additional US$250m into Next Insurance, increasing Munich Re's overall stake to around 27.5%. This investment raised the company's post-money valuation to slightly above US$1 billion. Munich Re, through its Digital Partners unit, had previously collaborated with Next Insurance since 2016, providing services, assuming risk, and holding shares via Ventures; the deal deepened this partnership to harness growth in digital SME insurance. The transaction was subject to regulatory approval and positioned Munich Re to expand its US footprint using Next Insurance's innovative model combined with its reinsurance expertise. Next Insurance demonstrated strong traction post-round, expanding product lines, carrier states, agency channels, and customer service in 2019, achieving high NPS scores and rapid claims processing. Subsequent developments included a $250m Series D in 2020 at over $2bn valuation led by CapitalG, reaching $200m+ gross written premium run rate by early 2021, and eventual full acquisition by ERGO (Munich Re subsidiary) agreed at $2.6bn in 2024 with $548m top line in 2024. |
| Jul 2018 | Series B | Redpoint (lead); Group 11; Zeev Ventures; Amex Ventures; Nationwide Mutual Insurance; Global Founders Capital; Ribbit Capital; TLV Partners; Munich Re Ventures | $83M | - | Next Insurance, founded in 2016 and based in Palo Alto, California, is a digital insurance provider specializing in tailored property and casualty coverage for small and medium-sized businesses (SMEs) in the US, including general liability and workers' compensation, leveraging proprietary technology for underwriting and pricing. The company focuses on the appealing US SME insurance market with a premium volume of $139 billion. In H1 2018, Next Insurance reported exponential growth, achieving an annual written premium run rate of over $22 million as of June 2018, after taking 400 days to sell its first policy. The specified November 2018 VC funding round was led by Redpoint with participation from Amex Ventures, Global Founders Capital, Group 11, Munich Re Ventures, Nationwide Mutual Insurance, Ribbit Capital, TLV Partners, and Zeev Ventures, though specific round size and valuation details are not available in sources. Subsequent rounds included Munich Re's $250 million investment in October 2019, increasing its stake to around 27.5% at a post-money valuation slightly above $1 billion. Investors like Group 11 participated in follow-on rounds in 2018, 2019, and 2020. Next Insurance demonstrated strong traction post-2018, raising nearly $1.2 billion in total funding and reaching over 600,000 customers by 2024 with around 700 employees. It generated a top line of $548 million in 2024 and $920 million in revenue in 2023. The company was valued at $4 billion in 2021, $2.5 billion in late 2023, and acquired by Munich Re in March 2025 for $2.6 billion (full 100% for the enterprise value, purchasing the remaining 71% it did not own), with the deal expected to close in Q3 2025. In the insurtech competitive landscape, Next Insurance competes with firms like Thimble, Hiscox, Lemonade, and CoverWallet, positioning itself through digital-first innovation for SMEs. Partnerships later expanded with Allstate and Allianz X in a $265 million 2023 raise, and integrations like with Bold Penguin. The acquisition integrates it into Munich Re's Ergo unit, enhancing US market access and combining technology with reinsurance expertise. |
| May 2017 | Series A | Munich Re Ventures (lead); Group 11; Zeev Ventures; Amex Ventures; Nationwide Mutual Insurance; Global Founders Capital; Ribbit Capital; TLV Partners; Markel Corporation | $35M | $1B | Next Insurance, founded in 2016 and headquartered in Palo Alto, California, is a technology-driven property and casualty insurer specializing in digital insurance solutions like general liability and workers' compensation tailored for U.S. small businesses. Munich Re has been an early partner since 2016 through Digital Partners and Munich Re Ventures, providing services, assuming risk, and holding shares. In a 2019 strategic investment, Munich Re added US$250M, increasing its stake to around 27.5%, with the company's value rising to slightly above US$1bn post-investment. This deepened collaboration aimed to leverage Next's data-driven model for growth in the appealing U.S. SME insurance market, valued at US$139bn in premiums. Subsequent rounds include a Series E in March 2021 at $4B valuation and later investments leading to total funding over $1.1B. Munich Re and ERGO maintained significant involvement, with ERGO holding ~29% by 2025 ahead of a full acquisition at $2.6B valuation. Next Insurance demonstrated strong growth, reaching $548M top line in 2024, serving over 600,000 customers with ~700 employees. The company expanded digitally, partnering with Allstate, Allianz X for a $265M raise in 2023, and launching products like Copilot for agents. |
| Mar 2016 | Seed | Ribbit Capital (lead); TLV Partners (lead); Zeev Ventures (lead) | $13M | - | Next Insurance raised $13 million in a seed funding round on March 15, 2016, led by Zeev Ventures, TLV Partners, and Ribbit Capital. The Israeli startup, founded by Guy Goldstein, Nissim Tapiro, and Alon Huri—former executives at Check, acquired by Intuit—aims to provide an online solution for small businesses to find and obtain insurance. The company targets the $100 billion U.S. small business insurance segment within the $1 trillion annual insurance market. Next Insurance plans to launch its first product on mobile and desktop in spring 2016, building its team to disrupt the industry with simple, technology-driven insurance. Investors highlighted the massive opportunity in small business insurance, which has seen little technological disruption despite its profitability. |
Who has invested in Next Insurance?
20 investors have backed Next Insurance across its funding rounds, including Zeev Ventures, Ribbit Capital, TLV Partners, Munich Re Ventures, Group 11 and Global Founders Capital.
Lead investors include Allianz X, Allstate, Battery Ventures, FinTLV Ventures, CapitalG and 5 other investors.
Next Insurance Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Mar 2016 | ||
| 4 | Participant | May 2017 | ||
| 4 | Lead | Mar 2016 | ||
| 4 | Lead | Mar 2016 | ||
| 4 | Lead | May 2017 | ||
| 3 | Participant | May 2017 | ||
| 3 | Participant | May 2017 | ||
| 2 | Participant | May 2017 | ||
| 2 | Lead | Sep 2020 | ||
| 2 | Lead | Sep 2020 | ||
| 1 | Lead | Jul 2018 | ||
| 1 | Lead | Nov 2023 | ||
| 1 | Participant | Oct 2019 | ||
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Start Free TrialAcquisitions by Next Insurance
Next Insurance has acquired 2 companies to date.
Last acquisition by Next Insurance was on March 3rd 2021. Next Insurance acquired AP Intego for $500M.
Latest Acquisitions by Next Insurance
| Description | AP Intego is a Los Angeles-headquartered insurtech firm delivering digital insurance solutions to small businesses nationwide. The platform integrates quoting, binding, policy management, and claims for affinity partners including payroll providers and banks. Serving over 100,000 policyholders, AP Intego partners with carriers like Chubb and Travelers for workers' compensation, general liability, and cyber coverage. Launched in 2015, it processes $1 billion in premiums annually through API-driven distribution to 300 broker partners. | Juniper Labs is a data analytics firm based in the United States that applies natural language processing to deliver risk insights for property and casualty insurance carriers targeting small businesses. Its platform aggregates unstructured data from public records, social media, and financial filings into structured risk scores for underwriting and pricing models. Deployed by mid-sized insurers, it processes millions of data points daily to enhance predictive accuracy for commercial lines like restaurants and retail. |
| HQ Country | ||
| HQ City | Boston, MA | Denver, CO |
| Deal Date | 3 Mar 2021 | 10 Dec 2020 |
| Valuation | $500M | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Next Insurance acquisitions and their M&A valuation multiples. Start Free Trial | ||
Next Insurance Competitors
Next Insurance competitors include listed companies like BSP Financial Group, Allianz-Slovenska, Skyward Specialty and Vaudoise Assurances, and private ones like Corgi Insurance and Prismic Life Reinsurance.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $100M | - | $2.6B | 26.0x | ||
| Publicly listed | $760M | - | $2.6B | - | ||
| Publicly listed | $614M | $181M | $2.6B | - | ||
| Publicly listed | $1.4B | $228M | $2.5B | 1.1x | ||
| Publicly listed | $2.1B | $246M | $2.7B | - | ||
| Private | - | - | $2.9B | - |
Next Insurance Public Comps
Next Insurance is no longer listed, but its public comps include BSP Financial Group, Allianz-Slovenska, Skyward Specialty, Vaudoise Assurances, Türkiye Sigorta, Go Digit Insurance, Coface, Santam, Clover Health and SiriusPoint.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $760M | - | 3.5x | - | - | - | |||
| $614M | $181M | 4.1x | - | 14.0x | - | |||
| $1.4B | $228M | 2.0x | 1.1x | 12.7x | - | |||
| $2.1B | $246M | 1.0x | - | 8.2x | - | |||
| $2B | $561M | 1.1x | 0.7x | 3.9x | - | |||
| $1.1B | $76M | 2.3x | 2.3x | 32.8x | 20.6x | |||
| $1.9B | $422M | 2.4x | 2.3x | 10.9x | - | |||
| $2.7B | $532M | 1.0x | 1.2x | 5.3x | 6.7x | |||
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Common questions about Next Insurance
| When was Next Insurance founded? | Next Insurance was founded in 2016. |
| Where is Next Insurance headquartered? | Next Insurance is headquartered in San Francisco, CA, United States. |
| Is Next Insurance publicly listed? | No, Next Insurance was acquired by ERGO Group in March 2025. |
| Who acquired Next Insurance? | Next Insurance was acquired by ERGO Group in March 2025. |
| How much was Next Insurance acquired for? | Next Insurance was acquired for $2.6B in March 2025, a 4.7x revenue multiple. |
| What is Next Insurance's valuation? | Next Insurance was last valued at $4B in its Series F in November 2023. |
| How much funding has Next Insurance raised? | Next Insurance has raised $1.1B across 7 funding rounds. |
| What was Next Insurance's last funding round? | Next Insurance's last funding round was a $265M Series F in November 2023, led by Allianz X and Allstate. |
| Who are Next Insurance's investors? | Next Insurance's investors include Zeev Ventures, Group 11, Ribbit Capital, TLV Partners, Munich Re Ventures, Amex Ventures, Global Founders Capital, Nationwide Mutual Insurance, CapitalG, FinTLV Ventures and 10 others. |
| What is Next Insurance's revenue? | Next Insurance's latest recorded revenue is $548M (March 2021). |
| What is Next Insurance's revenue multiple? | Next Insurance's latest valuation implies a 7.3x revenue multiple ($4B valuation on $548M of revenue). |
| Which companies are comparable to Next Insurance? | Companies comparable to Next Insurance include Corgi Insurance, BSP Financial Group, Allianz-Slovenska, Skyward Specialty, Vaudoise Assurances and Prismic Life Reinsurance. |
| How many companies has Next Insurance acquired? | Next Insurance has acquired 2 companies, including AP Intego and Juniper Labs. |
| What was the largest acquisition by Next Insurance? | The $500M acquisition of AP Intego in March 2021 is the largest acquisition Next Insurance has made to date. |
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