NEXT Insurance is raising at least $100 million — and as much as $250 million — in its latest round of funding, the industry news publication The Insurer recently reported. The Palo Alto-based insurtech company last raised $250 million in a March 2021 Series E round. NEXT Insurance has raised $881 million in funding to date.

NEXT’s comparison platform aims to help small businesses — which often struggle to find affordable coverage — compare highly tailored insurance policies suited to their needs. Artificial intelligence helps process commercial policies, including auto, workers’ comp, and liability insurance, in minutes.

The company’s $4 billion valuation is unchanged from its Series E round, during which NEXT Insurance secured the backing of Battery Ventures, Founders Circle Capital, Zeev Ventures, FinTLV, G Squared, and Group 11. Past investors include Munich Re Ventures, Nationwide Insurance, American Express Ventures, and others.

Co-founded in 2016 by Guy Goldstein, Nissim Tapiro, and Alon Huri, NEXT Insurance has grown a book of 420,000 small-business customers, up from 300,000 at the end of 2021. In September 2023, the company announced NEXT’s Coverage Builder, a differentiated offering that will enable agents to fully customize quotes for small-business clients.

The Coverage Builder allows agents to select base policy limits, add or remove coverage, and update limits post-purchase, providing instant underwriting and price updates throughout the process. Small businesses can also access the feature post-purchase so owners can tailor and manage policies.

In August 2023, NEXT Insurance launched commercial umbrella insurance in 41 states and expanded liquor liability coverage to seven additional states. The growing insurtech was also featured on Forbes’ 2023 Fintech 50.