Insurance startup from Silicon Valley Next Insurance has raised USD 250m in venture funding during the latest investment round and reached the mark of USD 1bn.

Bloomchain.ru reports that the funding round was led by German reinsurance company Munich Re, a leader in global insurance market. Other players involved in the round were the American Express venture branch - American Express Ventures, investment firm Group 11 and Israeli company Zeev Ventures.

This is the largest investment round for the startup, which was founded in 2016. Last summer Next Insurance raised USD 83m, and over the three years of activity the U.S.-based startup raised USD 381m in total.

Next Insurance operates in the small and medium enterprise insurance market, using AI and machine learning technologies to customize its products. Last May the startup acquired the insurance license.

Despite the wide range of products on offer, Next Insurance operates only in the U.S. market, where it has over 70,000 clients. The company intends to become a universal insurance center focusing on the areas of business that are often overlooked by traditional insurers.
    
Next Insurance CEO Guy Goldstein has announced that the raised funds will be allocated to development of new insurance products and expansion of client base.

Munich Re has its own interest in this arrangement. In particular, the company’s Management Board Chairman Joachim Wenning has stated that the investment in Next Insurance will allow Munich Re to enlarge its presence in the U.S. insurance market. He has also underlined that his company aims to be the leading digital insurance provider.

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