Subsequent Insurance coverage Mentioned to Search $2.25 Billion Worth in Funding

Photographer: Google. It has a income of 117 billion {dollars}. (Photograph by Alexander Pohl/NurPhoto through Getty Pictures

Subsequent Insurance coverage is in talks to boost new capital in a spherical that values the insurance coverage expertise startup at about $2.25 billion, in line with individuals acquainted with the matter.

Alphabet Inc.’s CapitalG is in talks to guide the roughly $250 million funding spherical for the Palo Alto, California-based firm, the individuals mentioned, asking to not be recognized as a result of the matter is personal.

The spherical would about double Subsequent Insurance coverage’s valuation from its final fundraising. It final raised $250 million in October from German reinsurer Munich Re, which gave it a valuation of greater than $1 billion.

The spherical hasn’t been finalized and its phrases may nonetheless change.

Representatives for Subsequent Insurance coverage and CapitalG didn’t reply to requests for remark.

Subsequent Insurance coverage, which caters to small companies, can be backed by buyers together with Redpoint Ventures, Nationwide Mutual Insurance coverage Co. and American Categorical Ventures.

On-line insurance coverage firm Hippo Enterprises Inc. closed a funding spherical in July valuing it at $1.5 billion. Shares of Lemonade Inc., a New York-based, venture-backed insurer that went public in July, have gained 88% since then.