American digital insurtech company Next Insurance has secured $250m in Series D funding round financing led by CapitalG, Alphabet’s independent growth fund.

The round, which brings the company’s total capital to $631m, was joined by FinTLV, an insurtech VC, and current investor Munich RE Group.

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As part of the financing, CapitalG partner Sumiran Das will join the Next Insurance’s board of directors.

The new investment will be used by the company to bolster its specialised insurance offerings for small business in the country.

The company claims that its technology-driven approach has cut down insurance costs by up to 30% when compared to traditional policies.

Next Insurance co-founder and CEO Guy Goldstein said: “We aspire to help businesses thrive by delivering phenomenal insurance products and experience.

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“Insurance is a market primed for a new approach – one that believes it is a social good and cares for its customers. We believe we have the right team, the right approach and the right products to enable us to lead the shift in this industry, and we are excited to have CapitalG joining the ride.”

Next Insurance noted that its recent efforts to cater to the needs of small business include the launch of tools and equipment and hired and non-owned auto (HNOA) business insurance coverage.

The company has also expanded the availability of Workers’ Compensation coverage to more markets.

Commenting on the development, Sumi Das said: “We believe that there is an opportunity to use technology to transform the small business insurance experience in the US and build a national insurance leader.

“Next Insurance has the right team and capabilities to capitalize on this vision and is well on its way to doing so. We are proud to partner with Guy Goldstein and the Next team to help them accelerate their vision.”

Last year, Next Insurance raised $250m in a Series C funding round led by Munich Re.