Israeli startup Next Insurance, which plans to launch the go-to solution for how small businesses find and obtain insurance online, has raised $13 million in seed investment led by investors Zeev Ventures, TLV Partners and Ribbit Capital. Next Insurance was founded by Guy Goldstein, Nissim Tapiro, and Alon Huri. All three were executives at mobile payments company Check, which was acquired by Intuit in 2014 for nearly $400 million.
Next insurance aims to disrupt the insurance market, which is worth $1 trillion annually in the US alone, 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.
Goldstein said, “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. 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.”
Zeev Ventures founding partner Oren Zeev said, “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. 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.
Published by Globes [online], Israel business news - www.globes-online.com - on March 15, 2016
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