Next Insurance is a U.S.-based Developer of an insurance platform designed to meet the needs of small businesses. In March 2025,Next Insurance was acquired by Ergo Group, a subsidiary of Munich Re, for $2.6 billion in a cash only deal. The transaction provided a full liquidity event for investors and employees, but it also underscored the steep reset from the company’s $4.0 billion peak valuation at its Series F in 2021 and Series E $3.0 billion back in 2020.
From Sep 2021 to Dec 2023, Equitybee facilitated the funding of stock option packages for 10 Next Insurance employees. 20 months after the last employee was funded, Next Insurance was acquired, delivering positive returns to all investors via Equitybee.
Despite Next Insurance’s exit valuation being significantly below its peak, Equitybee investors still achieved positive net returns, demonstrating the strength of stock option financing entry prices through Equitybee. In fact, Equitybee platform investors outperformed leading venture firms that participated in the company’s funding rounds since Series D in 2019, including top players such as Battery Ventures, Global Founders Capital, Group 11, and others.
*Equitybee Investors figures represent the median Equitybee investor
Notably, the median net IRR for Equitybee offers on Next Insurance was 19.71%. By comparison, estimated round IRRs clustered as follows: early rounds delivered strong outcomes (Series A ≈ 34% annualized; Series B ≈ 25%; Series C ≈ 22%), the mid round moderated (Series D ≈ 8%), late rounds were flat to low (Series G ≈ 3%, while Series E and Series F realized ~1.00x via preference, ~0% IRR). This highlights how the M&A waterfall favored earlier entry prices, while late-stage preferred primarily protected principal.
Preferred Share Price - $1.71
Funding Amount - $250M
Post Money Valuation - $1.13B
Lead investor - CapitalG
Preferred Share Price - $3.02
Funding Amount - $250M
Post Money Valuation - $2.25B
Lead investor - FinTLV Ventures
Preferred Share Price - $4.95
Funding Amount - $250M
Post Money Valuation - $4B
Lead investor - Battery Ventures
The first Next Insurance employee offer was funded through Equitybee.
Offer Price - $1.214
Discount vs. Series F Preferred -75%
Equitybee funded 8 additional employee offers.
Offer Price Range - $0.14-$2.07
Discount vs Series F Preferred - 58%-97%
Preferred Share Price - $2.57
Funding Amount - $265M
Post Money Valuation - $2.5B
Lead investor - Allianz X
Offer Price - $0.52
Discount vs. Series G Preferred - 79.77%
Deal Price - Dec. 11, 2024
Aquired by Ergo Group
In July 2025, the M&A closed, triggering settling investments made into Next Insurance employee offers via Equitybee.
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*Multiple on Invested Capital
**Internal Rate of Return, net of feesPast performance is not indicative of future results. 33.9% IRR represents the median IRR experienced by investors who utilized Equitybee to fund eToro’s employee stock options. Net IRR is shown net of all applicable fees. IRR figures are calculated for each offer on the Equitybee platform from the date the investor's funds were transferred to the employee (funded date) through the distribution date of proceeds.. If the distribution date was less than one year after the funded date, the IRR represents an unannualized return. For distributions one year or more after the funded date, IRR is annualized.
- eToro public share prices sourced through Yahoo! Finance. Equitybee is not affiliated or associated with, or endorsed by, any of the companies mentioned herein. Equitybee executes private financing contracts (PFCs), private placements which are speculative, illiquid, contain substantial risk and may result in the complete loss of capital to the investor. These risks may be greater during extreme market conditions. PFCs do not grant or transfer ownership of startup company stock. When a liquidity event occurs at a price per share less than the investment price per share, Investors will first receive all available funds to recoup the original investment amount. The employee will not receive any proceeds in this event. A private offering of interests will only be made pursuant to a confidential private placement memorandum, an operating agreement, and other subscription documents (“Other Documents”), which will only be furnished to qualified investors on a confidential basis at their request for their consideration in connection with such offering. For accredited investors only. Securities offered through EquityBee Securities, LLC, member FINRA.