In 2022, the technology market cooled and the Insurtech sector fell, causing Israeli startup insurance to fire employees. By the end of 2023, it raised a massive amount of $365 million, but it fell from $4 billion to $2.5 billion, with a lower valuation than the previous round. Currently, the company is being sold to one of the early investors, German insurance companies Munich Corporation Re, for a slightly higher rating for $2.6 billion. The company has raised a total of $1.17 billion, according to the Pitchbook database.
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Munich RE is purchasing 71% of its next insurance it doesn’t own yet through its main insurance unit, Ergo Group. The acquisition is a cash transaction.
The following insurance develops and manages a digital platform to guarantee small and medium-sized businesses in the United States. Founded nine years ago by Guy Goldstein, Alon Huri and Nissim Tapiro. As of the last funding round of 2023, it reported that it had surpassed 500,000 active customers in the US with 1,300 different insurance options. Like another Israeli Insurtech Company operating in the consumer market, the following insurance will perform smart underwriting based on artificial intelligence and machine learning, and within minutes approve the offer of a policy that matches the criteria of SME owners. According to LinkedIn, the company employs 730 people, of which 200 are employed at KFAR Sava headquarters.
Among the investors in the company are Oren Zeev, Zeev Ventures, Dovi Frances Group 11, TLV partners and recently banks Hapolim, Migdal and Pujago, including Red Point Ventures, national ventures, capital and several financial institutions.
The final round also brought two strategic investors. It is the digital investment division of US insurance companies Allstate and Allianz X, and German insurance company Allianz. Allianz X helped the next insurance reach the reinsurer, thereby increasing profitability.
Published by Globes, Israel Business News – En.Globes.co.il – March 20, 2025.
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