Next provides coverage for entrepreneurs and small businesses, using artificial intelligence and machine learning technologies to tailor insurance policies for its clients.

Silicon Valley-headquartered small business insurer Next Insurance Inc. has raised a $250 million series C funding round from German insurer Munich Re Group at a company valuation of more than $1 billion, Next announced Monday. The new round brings the company’s total funding raised to date to $381 million from investors including American Express Ventures, California-based Group 11, and Israel-based Zeev Ventures, according to the company’s statement.

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