Next Insurance, a California-based insurtech company targeting small businesses, has raised a new funding of $83m through a Series B round.

The new investment round was led by Redpoint Ventures which also included participation from other investors like Nationwide, Munich Re, American Express Ventures, Ribbit Capital, Zeev Ventures, TLV Partners and SGVC.

Next Insurance expects the funding to help it continue its growth throughout the US as a full service insurance carrier. It also believes that the new capital will help it in providing coverage to more classes of business, and also for expanding its internal operations in the US and also in Israel.

The Series B Round takes the total funding of the digital insurance company to $131m in a span of two years.

Next Insurance claims to provide commercial insurance with simple, affordable coverage, customized to the requirements of each class of business. The insurtech startup says that its policies are easy to buy with instant, round-the-clock, online access to services like Live Certificates of Insurance, Additional Insured, and others.

Next Insurance CEO and co-founder Guy Goldstein said: “Gone are the days of complicated, unreadable policies, exclusions that leave entrepreneurs vulnerable, and endless meetings and phone calls with insurance agents who don’t understand the nuances and needs of different classes of business.

“Small businesses are the backbone of the US economy, and they deserve insurance policies that are simple to access, affordable to own, and which provide them the support and confidence they need to thrive.”

Goldstein revealed that the company’s aim is to turn into a one-stop-shop for all small business insurance requirements, irrespective of where they are located.

Redpoint Ventures managing director Elliot Geidt said: “Next Insurance is fundamentally reshaping the way that small business insurance is delivered, providing an elegant product experience and lower cost offerings.

“Their combination of underwriting depth, digital product sensibilities, and vision has cracked the code of small business insurance and we’ve joined them to continue to enable their incredible growth.”