US-based Next Insurance is now valued at $1bn following its Series C funding round.
The business is three years old and focuses on the SME market.
The round was entirely financed by Munich Re, one of the oldest reinsurers in the world.
The Series C funding raised $250mn.
What does this mean?
The new capital will be used to build new products and expand customer initiatives. It currently only operates in the US – where it has 70,000 customers – and has no immediate plans for geographic expansion.