BY Anna Irrera | Reuters | June 20th, 2017
American Express Co has invested in Next Insurance, a Palo Alto-based technology startup that sells customized insurance for small businesses online, as Silicon Valley companies look to shake up the insurance sector.
Next Insurance, which raised $29 million in May from investors led by reinsurer Munich Re’s HSB Ventures, said on Tuesday that American Express’s venture capital arm has joined the investor group. Next Insurance will use the new cash injection, which brings the investment round to $35 million, to expand the products it offers and target new business sectors, the company said.
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