Next Insurance, an insurtech targeting small businesses, scores $83M Series B led by Redpoint

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Next Insurance, the Israeli digital insurance startup that helps small businesses get coverage, has raised a significant new funding round, adding another $83 million to its balance sheet.

The Series B round is led by Silicon Valley’s Redpoint Ventures, and will be used by the company to continue expanding across the U.S., where it now operates as a full service insurance carrier. It will also increase headcount in both its Israel and U.S. offices.

Founded in 2016 with the aim of becoming a one-stop insurance shop for micro and small business insurance needs, Next Insurance designs insurance plans for business sectors that are often overlooked by more general insurers.

Small business owners often rely on price comparison websites to figure out what kind of coverage they need and where to buy it, though that means the plans they get don’t always cover all their needs. The other option is to use a broker but that also adds another middle person.

“The complexity of the small business insurance market is very significant and this leads to a situation where even the largest insurance providers own less than 10 percent of the small business market,” founder and CEO Guy Goldstein told TechCrunch when the company

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