Overview of Transaction

• On July 11, 2018, Next Insurance announced an $83 million Series B financing round led by Redpoint Ventures
• Other investors that participated in the round include Nationwide, Munich Re, American Express Ventures, Ribbit Capital, TLV Partners, SGVC and Zeev Ventures
• Elliot Geidt, Partner at Redpoint Ventures, will join the board of Next Insurance
• Founded in 2016 and headquartered in Palo Alto, CA, Next Insurance is the leading digital insurance company for small businesses
• Next Insurance champions technological innovation and sophisticated uses of AI and machine learning to improve customer experience and streamline the insurance purchasing process
• In May 2018, Next announced its new status as a licensed insurance carrier, allowing the Company to write policies independently, as well as to have more freedom over underwriting, setting of prices, and configuring of policies

Significance of Transaction

• The funding will enable Next Insurance to continue its expansion throughout the US as a full service insurance carrier, further innovate claims handling, offer coverage to many more classes of business, and significantly grow internal operations in both the US and Israel
• The Series B round brings Next Insurance’s total funding to $131 million in just two years

FT Partners' Role

• FT Partners served as exclusive strategic and financial advisor to Next Insurance and its Board of Directors
• This transaction underscores FT Partners' successful track record generating highly favorable outcomes for leading InsurTech companies