Next Insurance, a Silicon Valley-based insurance startup founded by Israeli entrepreneurs, said Monday that it had raised more than $250 million from Germany’s Munich Reinsurance Company, giving it a valuation of over $1 billion.
The company acts as an online insurance agency, using machine learning and artificial intelligence to provide individualized insurance policies to its customers.
Founded by Israelis Nissim Tapiro, Guy Goldstein, and Alon Huri in 2016, Next employs 85 people in Israel and 115 in the US.
The $250 million infusion is the third funding round for the company, bringing its total investments to over $380 million.
Next focuses on digital small business insurance coverage, including general liability, professional liability, commercial auto workers’ compensation coverage.
“We have been working with Munich Re since the beginning, and they have been a great partner in helping us grow and develop our business,” said Goldstein in a statement.
The valuation comes as another Israeli-founded unicorn, WeWork, has run into trouble after investors scrutinized its inflated $47 billion valuation ahead of a now-scrapped IPO.