US-based Next Insurance is now valued at $1bn following its Series C funding round.
In Brief:
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The business is three years old and focuses on the SME market.
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The round was entirely financed by Munich Re, one of the oldest reinsurers in the world.
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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.
