Israeli alternative investment firm FinTLV Ventures and Boston-based Battery Ventures have led a $250-million fund infusion into Next Insurance Inc., doubling the digital insurer’s valuation to $4 billion.
FinTLV and Battery Ventures were joined by a bunch of other investors including Alphabet Inc. arm CapitalG, Group 11, Zeev Ventures, Founders Circle and G Squared in the Series E funding round.
FinTLV Ventures founder and managing partner Gil Arazi and Battery Ventures general partner Michael Brown will join as board observers at Next Insurance.
Next Insurance said in a statement the round takes the total amount it has raised since inception to $881 million. The round comes just months after it scooped up $250 million in September last year from CapitalG and other investors.
The company was founded in 2016 by CEO Guy Goldstein, CTO Alon Huri and Nissim Tapiro, who is also vice president of R&D. The three had earlier founded Check, which had developed a banking app and was sold to US based Intuit for $360 million.
Next Insurance typically serves the small business segment in the US, which it says has been underserved as the insurance market has historically been dominated by bigger players.
The company has been in the news in the last six months during which it announced two acquisitions, added new strategic partners, and doubled its gross written premium.
The first of the two acquisitions was of AP Intego, a digital insurance agency. This deal doubled the size of Next Insurance’s business, and expanded its customer base to more than 200,000 small businesses.
The second acquisition was of Juniper Labs, a provider of alternative open data and underwriting technology.
Apart from Next Insurance, two of FinTVL’s recent investments include Hippo Insurance and Unqork.