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TechNation: Next Insurance Raises $82 Million for Online Insurance

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Illustration, insurance.
Illustration, insurance.Credit: Getty Images IL

Next raises $82 million for online insurance

Next Insurance, an online insurer for small businesses, said on Wednesday it had raised $83 million from a group of financial and strategic investors. Led by Redpoint Ventures, the funding will enable Next Insurance to expand in the United States as a full-service carrier, offer coverage to more classes of business and grow internal operations, the company said. Other investors that participated in the round include Nationwide Insurance, Munich Re, American Express Ventures, Ribbit Capital, TLV Ventures and Zeev Ventures. Next Insurance is a licensed carrier in eight U.S. states and has plans to expand to all 50. Headquartered in Palo Alto with a research and development center in Israel, Next Insurance was formed in 2016 by CEO Guy Goldstein, R&D Vice President Nissim Tapiro and Chief Technology Officer Alon Huri. It has raised $131 million to date. Their previous company, a cellphone-payment startup called Check, was sold to Intuit for $360 million in 2014. (Eliran Rubin and Reuters)

Team-management software firm raises $50 million, an Israeli startup that develops team-management software, said on Wednesday it had secured $50 million in new funding in a round led by the New York-based growth equity firm Stripes Group. Existing investors, including Insight Venture Partners and Entree Capital, also joined in the round, which brings’s total capital raised since it was formed in 2014 to $84 million. In addition, the company secured a strategic line of credit of tens of millions of dollars from LeumiTech, the technology arm of Israel’s Bank Leumi. With offices in Tel Aviv and New York and 130 staff,’s platform connects people to workplace processes, manages workloads and tracks projects. Paying customers include Carlsberg Group, Discovery Channel and McDonald’s. In the last year, the company said it has tripled revenue to tens of millions of dollars as well as tripling its customer base to more than 35,000. (Refaella Goichman)

High-tech exits rose in first half, but only due to two giant deals, IVC says

Exits by Israel’s high-tech companies more than tripled in the first half of the year from the same time in 2017 to $6.2 billion due to two giant acquisitions, Israel Venture Capital Research Center and Meitar Liquornik Geva Leshem Tal law firm said in a survey released on Wednesday. However, without those two exits -- KLA-Tencor Corporation’s $3.4 billion acquisition of semiconductor-equipment maker Orbotech and private equity firm Permira’s $1 billion purchase of the video software business NDS – exits were actually down to $1.82 billion from $1.97 billion in the first half of 2017, IVC said. The average exit via a mergers-and-acquisitions deal or an initial public offering climbed to $107 million from $31 million a year ago, but the number of exits fell 20%, extending a downward trend that started in 2015, the report said. Alon Sahar, a Meitar partner, warned about the imbalance between growing capital-raising by Israeli companies and the decline in exits. (Eliran Rubin)

Radiflow secures $18 million from Singapore firm for industrial cybersecurity

Radiflow, a U.S.-Israeli maker of industrial cybersecurity solutions for critical infrastructure, said on Wednesday it had competed an $18 million investment round. This investment round was led by ST Engineering Ventures, the venture capital unit of the Singaporean technology, defense and engineering group ST Engineering. Radiflow’s existing investors, led by Zohar Zisapel, also participated in this investment round. Radiflow provides cybersecurity solutions for industrial control systems and supervisory control and data acquisition networks and counts more than 50 customers worldwide. The industrial market for cybersecurity is conservative, but that is changing in the face of growing threats such as attacks launched by Triton malware industrial sites in the Middle East last December. In addition, Radiflow and ST Engineering will be partnering by giving ST access Radiflow detection and prevention tools. Those have already been integrated with its Rail Command, Control and Communications systems, the two sides said. (TheMarker Staff)

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