Next Insurance, which plans to launch an online insurance solution for small businesses, raised $13 million in seed funding from Zeev Ventures, TLV Partners and Ribbit Capital. The company’s three founders are former executives at mobile payments company Check, which was acquired by Intuit in 2014 for nearly $400 million.
PALO ALTO, Calif. – March 15, 2016 – Next Insurance, with plans to launch the go-to solution for how small businesses find and obtain insurance online, announced a $13 million seed investment led by investors Zeev Ventures, TLV Partners and Ribbit Capital. Next Insurance was founded by seasoned tech entrepreneur Guy Goldstein, Nissim Tapiro, and Alon Huri. All three were on the former executive team at mobile payments company Check, which was acquired by Intuit in 2014 for nearly $400 million under their leadership.
Insurance is a $1 trillion market in the US, with small business insurance accounting for about $100 billion. There are 28 million small businesses in the US, and half a million new ones opening every month. Obtaining insurance, a process that should be easy and relatively straightforward, is still archaic and complicated for these businesses, which primarily work with insurance agents at brick-and-mortar establishments.
“We are changing the market with a solution that makes it simple, fast, and transparent for small businesses to find and obtain insurance online vs. having to physically visit agents each time they need to make a change,” said Guy Goldstein, CEO, Next Insurance. “Starting a new small business is exciting, and setting up insurance shouldn’t be slow, cumbersome, or get in the way of what’s important.”
“Next Insurance has secured an unprecedented amount of initial funding, but that reflects the scope of this opportunity. Small business insurance is one of the largest and most profitable industries in our economy, and it has hardly been touched by disruptive technology,” said Oren Zeev, founding partner, Zeev Ventures. “We are excited to be involved in the company’s launch and know it will be a game-changer, given the market need and deep expertise and savvy of this executive team.”
Next Insurance, which will be available on mobile and desktop, plans to build its team and launch its first product in the spring. Visit www.next-insurance.com for more details.
About Next Insurance
Next Insurance’s mission is to transform the insurance experience for small businesses, giving them a process that’s online, transparent, fast and complete. For more information, visit www.next-insurance.com.
About Zeev Ventures
Zeev Ventures is the investment arm of Oren Zeev, who has been the main early backer of market leaders such as Audible, Houzz, Chegg, Tipalti and Younow.
About TLV Partners
TLV Partners is a new Israeli VC fund dedicated to investing in innovative A-round startups. The founding partners of TLV are two of Israel’s distinguished venture capitalists that have backed companies such as Varonis, Traiana, Check, Videosurf, AppsFlyer and Skycure. The fund is looking to invest in entrepreneurs that are changing the way things work, the way people think and the shape of our future. For more information, please visit www.tlv.partners/home.
About Ribbit Capital
Ribbit Capital is a venture capital firm that invests globally in unique individuals and brands who are aiming to change financial services. Headquartered in Palo Alto, Ribbit believes the category is profoundly under-innovated and partners with world-class entrepreneurs building the next generation of financial businesses, including Credit Karma, Robinhood, Funding Circle, LendingHome, Wealthfront, Avant, Raisin, Funding Circle, Coinbase, Gusto, Invoice2Go, ContaAzul, and PolicyBazaar. For more information, please visit http://ribbitcap.com.