
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.
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.
The table below showcases the returns yielded by all Next Insurance offers via Equitybee.
| Offer # | Avg Net MOIC | Avg Net IRR | Avg months to Liquidity | Funded Date | Offer Price | Interest | Share Incentive % | Distribution Date | Settlement Price |
|---|---|---|---|---|---|---|---|---|---|
| Offer #1 | 1.11 | 2.68% | 47.19 | 09/14/2021 | $1.2140 | 0.00% | 20% | 07/25/2025 | $2.73 |
| Offer #2 | 1.27 | 9.37% | 32.47 | 01/12/2022 | $1.2140 | 0.00% | 30% | 07/24/2025 | $2.73 |
| Offer #3 | 1.19 | 5.2% | 41.53 | 06/09/2022 | $2.0759 | 2.00% | 15% | 11/03/2025 | $2.69 |
| Offer #4 | 1.47 | 12.21% | 40.53 | 06/24/2024 | $1.5885 | 2.00% | 30% | 10/22/2025 | $2.69 |
| Offer #5 | 2.1 | 27.22% | 36.97 | 07/14/2022 | $0.5220 | 0.00% | 30% | 07/24/2025 | $2.73 |
| Offer #6 | 3.0 | 44.95% | 35.73 | 08/21/2022 | $0.2580 | 0.00% | 24% | 07/24/2025 | $2.73 |
| Offer #7 | 4.5 | 67.02% | 35.62 | 08/31/2022 | $0.1420 | 0.00% | 22% | 07/24/2025 | $2.73 |
| Offer #8 | 1.3 | 10.42% | 31.40 | 12/26/2022 | $1.2140 | 0.00% | 32% | 07/24/2025 | $2.73 |
| Offer #9 | 2.15 | 37.33% | 29.40 | 02/26/2023 | $0.5220 | 0.00% | 32% | 07/24/2025 | $2.73 |
| Offer #10 | 2.8 | 85.31% | 20.20 | 06/12/2023 | $0.5220 | 0.00% | 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.
Fundraising round information sourced via Pitchbook, Inc.
Fundraising round information sourced via Pitchbook, Inc.
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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.