Next Insurance, a startup that wants to make it simpler for small businesses to find coverage, has raised a $29 million Series A. The round was led by Munich Re/HSB Ventures, the venture capital arm of German insurance company Munich Re. Existing investors including Markel and Nationwide, also participated.
Next’s last funding was a $13 million seed round announced in March 2016.
Next customizes insurance plans for business sectors that are often overlooked by insurers. Currently, small business owners often rely on price comparison websites to figure out what kind of coverage they need and where to buy it. Next began selling insurance to personal trainers at the end of last year and recently began serving photographers and contractors as well. Its Series A will be used to expand into other verticals and build its own insurance products.
“The complexity of the small business insurance market is very significant and this leads to a situation where even the largest insurance providers own less than 10 percent of the small business market,” said founder and CEO Guy Goldstein in an email. “This…