Latest news with #NextInsurance
TechCrunch
15-05-2025
- Business
- TechCrunch
Redpoint raises $650M 3 years after its last big early-stage fund
Redpoint Ventures, a San Francisco-based firm that is about a quarter of a century old, has raised a $650 million tenth early-stage, according to a regulatory filing. Redpoint's new fund matches the size of its prior fund, which was raised just under three years ago. In a market where many venture firms are decreasing their capital hauls, this consistency could indicate the firm's limited partners are relatively happy with its performance. The firm's early-stage strategy is managed by four managing partners: Alex Bard (pictured above), Satish Dharmaraj, Annie Kadavy, and Erica Brescia, who joined the firm in 2021 after serving as GitHub's COO for nearly three years. Redpoint's early-stage team's recent prominent investments include AI coding startup Poolside, which was founded by former Redpoint partner and GitHub CTO Jason Warner, a distributed SQL database developer Cockroach Labs, and procurement management platform Levelpath. The multi-stage firm also runs a growth strategy, led by partners Logan Barlett, Jacob Effron, Elliot Geidt, and Scott Raney. Last year, Redpoint raised its fifth growth-stage fund at $740 million, a slight increase from its $725 million fund closed three years prior. Redpoint's recent exits include Next Insurance which was sold for $2.6 billion in March, food and travel media startup Tastemade was scooped up by Wonder for $90 million, and HashiCorp's $6.4 billion acquisition by IBM. Redpoint didn't respond to a request for comment.
Yahoo
21-03-2025
- Business
- Yahoo
Munich Re's Ergo to Buy Next Insurance in $2.6 Billion Deal
(Bloomberg) -- Munich Re agreed to buy Next Insurance in a deal valuing the US-based startup at $2.6 billion. New York Subway Ditches MetroCard After 32 Years for Tap-And-Go Despite Cost-Cutting Moves, Trump Plans to Remake DC in His Style Amtrak CEO Departs Amid Threats of a Transit Funding Pullback LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs NYC Plans for Flood Protection Without Federal Funds Next Insurance, which is headquartered in Palo Alto, California, will become part of Munich Re's primary insurance unit Ergo upon completion of the transaction, which is expected in the third quarter, according to a statement Thursday. The deal marks the first foray for Munich Re's primary insurer into the world's largest insurance market, where it is seeking to tap demand from small and medium-sized businesses. Chief Executive Officer Joachim Wenning has worked to reduce complexity within the company and turned around Ergo, which for years had been a drag on earnings for years. Founded in 2016, Next Insurance offers property and casualty insurance. Munich Re first invested in 2017 and later increased its stake to 29%. Other investors include Alphabet Inc.'s growth fund Capital G and Allianz SE's digital investment arm. A New 'China Shock' Is Destroying Jobs Around the World Tesla's Gamble on MAGA Customers Won't Work How TD Became America's Most Convenient Bank for Money Launderers The Real Reason Trump Is Pushing 'Buy American' The Future of Higher Ed Is in Austin ©2025 Bloomberg L.P. Sign in to access your portfolio
Bloomberg
20-03-2025
- Business
- Bloomberg
Munich Re's Ergo to Buy Next Insurance in $2.6 Billion Deal
Munich Re agreed to buy Next Insurance in a deal valuing the US-based startup at $2.6 billion. Next Insurance, which is headquartered in Palo Alto, California, will become part of Munich Re's primary insurance unit Ergo upon completion of the transaction, which is expected in the third quarter, according to a statement Thursday.
