Next Insurance raises $83 million to fund U.S. expansion

TEL AVIV (Reuters) - Next Insurance, a digital insurance company for small businesses, said on Wednesday it has raised $83 million, bringing its total raised in two years to $131 million.

Led by Redpoint Ventures, this funding will enable Next Insurance to continue its expansion in the United States as a full service insurance carrier, offer coverage to more classes of business and grow internal operations in the United States and Israel, the company said.

Other investors that participated in the round include Nationwide Insurance, Munich Re, American Express Ventures, Ribbit Capital, TLV Ventures and Zeev Ventures.

Next Insurance is a licensed carrier in Delaware, Oklahoma, Arizona, North Carolina, Texas, New Mexico, Maryland and Utah, and is expanding to all 50 U.S. states.

Founded by three Israeli entrepreneurs, it is headquartered in Palo Alto and has a research and development center in Israel.

Reporting by Tova Cohen; Editing by Steven Scheer