Next Insurance today announced a $13 million seed round led by Zeev Ventures.The startup said that it plans to use the funds to launch its insurance sales platform for small businesses this spring - in a market in which "99 percent of small commercial insurance is sold offline through agents."
"Next Insurance has secured an unprecedented amount of initial funding, but that reflects the scope of this opportunity," said Zeev's founding partner Oren Zeev. "Small business insurance is one of the largest and most profitable industries in our economy, and it has hardly been touched by disruptive technology."
TLV Partners and Ribbit Capital also participated in the round.
Last week we featured CoverWallet, the first online insurance manager, which announced it received $2 million in seed funding from Two Sigma Ventures, Highland Capital Partners, Founder Collective and a long list of strategic angel investors. The startup provides small businesses with a concierge-like service that helps businesses deal with the complex, and often confusing, intricacies of commercial insurance.