Next Insurance

Liquidity Case Study | Published: Nov 2025

M&A, Mar 2025

Liquidity Event

35.6 Months

Time to liquidity

19.71%

Net IRR*

1.8x

Net MOIC**
Figures represent the median Equitybee investor

About Next Insurance M&A

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.

Next Insurance investments with Equitybee

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.

How did returns through Equitybee perform compared to leading VCs?

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.

Broad Access
By funding startup employees’ stock options, Equitybee opens the door for investors to participate in virtually any pre-IPO company. As of September 2025, investors on the platform have funded employee stock options in over 850 startups, spanning sectors from SaaS and fintech to AI and consumer technology.
Discounted Entry Price
By funding employee stock options, Equitybee investors accessed Next Insurance at significantly earlier and lower valuations than traditional late-stage investors. In 2021, the first Next Insurance offers on Equitybee were priced at $1.21 per share, compared to $4.95 per preferred share in the company’s Series F fundraising that same year. Between 2021 to 2023, Equitybee's platform investors saw a median entry price of $0.87 per share - representing discounts of 49% to 82% versus the prices paid by cap-table investors in Series D, E, F, and G, completed between 2019 to 2023.

Earlier Valuations, Faster Liquidity

Entry Price
Months to Liquidity
Net IRR

Equitybee Investors*

$0.87
35.68
19.71%
Series G Investors
$2.57
20.3
2.8%
Series F Investors
$4.95
51.8
0.0%
Series e Investors
$3.02
58.1
0.0%
Series D Investors
$1.72
69.8
8.2%
*”Equitybee Investors” figures represent the median Equitybee investor 

Investment Entry Prices vs. Net IRR

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.

Investments Breakdown

The table below showcases the returns yielded by all Next Insurance offers via Equitybee.

Offer #Avg Net MOICAvg Net IRRAvg months to LiquidityFunded DateOffer PriceInterestShare Incentive %Distribution DateSettlement Price
Offer #11.112.68%47.1909/14/2021$1.21400.00%20%07/25/2025$2.73
Offer #21.279.37%32.4701/12/2022$1.21400.00%30%07/24/2025$2.73
Offer #31.195.2%41.5306/09/2022$2.07592.00%15%11/03/2025$2.69
Offer #41.4712.21%40.5306/24/2024$1.58852.00%30%10/22/2025$2.69
Offer #52.127.22%36.9707/14/2022$0.52200.00%30%07/24/2025$2.73
Offer #63.044.95%35.7308/21/2022$0.25800.00%24%07/24/2025$2.73
Offer #74.567.02%35.6208/31/2022$0.14200.00%22%07/24/2025$2.73
Offer #81.310.42%31.4012/26/2022$1.21400.00%32%07/24/2025$2.73
Offer #92.1537.33%29.4002/26/2023$0.52200.00%32%07/24/2025$2.73
Offer #102.885.31%20.2006/12/2023$0.52200.00%49%07/24/2025$2.73

The data above net of applicable fees reflects start-up employees that received funding to exercise their stock options through the US subsidiary Equitybee Securities Inc. (EBS) and the Israel Subsidiary Equitybee Technologies Inc. Equitybee Securities executes the private financing contract (PFC) and Equitybee Technologies executes SOFAs (Simple Options Funding Agreements). The SOFA differs from the PFC in terms of fee structures, regulatory requirements and other conditions. Investments through Equitybee Technologies are not available to US Investors and all investments must be made through Equitybee Securities Inc.Please review all investment documents carefully before making any investments.  
*Multiple on Invested Capital, net of fees, calculated as the avg MOIC between all investors participated in each offer. **Internal Rate of Return, net of fees calculated as the avg IRR between all investors participated in each offer. ***Avg months to Liquidity, calculated as the avg time between invested date to the distribution date between all investors participating in each offer. ****Equitybee Offer price includes the employee’s weighted average exercise price plus the employee’s estimated tax obligation and potential additional funding. Past performance is not indicative of future results. 19.71% IRR represents the median IRR experienced by investors who utilized Equitybee to fund employee stock options in Next Insurance. 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 annualizedNext Insurance deal terms sourced by Pitchbook. 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.

From Investment to Liquidity

Timeline Of Events

Oct 2019
Next Insurance Completes Series D
Sep 2020
Next Insurance Completes Series E
Mar 2021
Next Insurance Completes Series F
Sep 2021
Offer #1 Funded
Jan 2022 - Feb 2023
Offer #2-#9 Funded
Nov 2023
Next Insurance Completes Series G
Dec 2023
Offer #10 Funded
Mar 2025
Next Insurance Announcing M&A
Jul 2025
Distribution to investors started
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 |
December 11, 2024
Acquired by |
Ergo Group
Distribution
In July 2025, the M&A closed, triggering settling investments made into Next Insurance employee offers via Equitybee.

Fundraising round information sourced via Pitchbook, Inc.

From Investment to Liquidity

TIMELINE OF EVENTS

Oct 2019
Next Insurance Completes Series D
Preferred Share Price |
$1.71
Funding Amount |
$250M
Post Money Valuation |
$1.13B
Lead investor |
CapitalG
Sep 2020
Next Insurance Completes Series E
Preferred Share Price |
$3.02
Funding Amount |
$250M
Post Money Valuation |
$2.25B
Lead investor |
FinTLV Ventures
March 2021
Next Insurance Completes Series F
Preferred Share Price  |
$4.95
Funding Amount |
$250M
Post Money Valuation |
$4B
Lead investor |
Battery Ventures
Sep 2021
The first Next Insurance employee offer was funded through Equitybee.
Offer #1 Funded
Offer Price |
$1.21
Discount vs. Series F Preferred |
75%
Jan 2022 - Feb 2023
Equitybee funded 8 additional employee
Offers #2-9 Funded
Offer price range
$0.14-$2.07
Discount vs Series F Preferred
$58%-97%
Nov 2023
Next Insurance Completes Series G
Preferred Share Price  |
$2.57
Funding Amount |
$265M
Post Money Valuation |
$2.5B
Lead investor |
Allianz X
Dec 2023
Offer #10 Funded
Offer Price |
$0.52
Discount vs. Series G Preferred |
79.77%
Mar 2025
Next Insurance Announcing M&A
Deal Price |
$2.6B
Acquired by |
Ergo Group
Jul 2025
Distribution to investors started
Distribution
In July 2025, the M&A closed, triggering settling investments made into Next Insurance employee offers via Equitybee.

Fundraising round information sourced via Pitchbook, Inc.

Equitybee Investors Returns

M&A, Mar 2025

Liquidity Event

35.6 Months

Time to Liquidity

19.71%

Net IRR*

1.8x

Net MOIC**
Figures represent the median Equitybee investor

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Join the success of hundreds of investors who made it with Equitybee

850+
Startups
Equitybee investors have funded employee stock options in.
255
Liquidity events
255 unique liquidity events from 191 different companies.
$247M+
Total Volume
Equitybee facilitated over $247 million in total transaction volume.
73%
Median Discount
Compared to the last known preferred share price paid by investors on the cap table.
26.9
Avg # of months to liquidity
For investments that reached liquidity, the average time to return was 26.9 months
3,900+
Customers
Over 3,900 startup employees and investors world wide
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Past performance is not indicative of future results. Private placements are speculative, illiquid, contain substantial risk and may result in the complete loss of capital to the investor. Consult your tax accountant as there may be tax considerations on profit amounts. Results may vary with each use and over time. Investor proceeds may be settled in cash or shares. Data calculated based on the Israel market reflects offers from June 2018 through September 2025; the US market reflects offers from March 2020 through September 2025.