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Next Insurance, a three-year-old U.S.-based firm that sells insurance products to small businesses, has become the latest unicorn in the nation after bagging $250 million in a new financing round, the startup said today.

Germany-based Munich Re, one of the world’s largest reinsurers, alone funded Next Insurance’s Series C round, the two said in a statement. The new financing round valued the three year-year-old startup, which has raised $381 million to date, at over $1 billion, the startup said.

Guy Goldstein, co-founder and chief executive of Next Insurance, said the startup will use the fresh capital to build new products and expand its customer initiatives. Next Insurance offers a wide-range of insurance coverage to over 1,000 unique types of business. It has amassed over 70,000 customers in the U.S., the only market where it currently operates.

In a statement, Joachim Wenning, Chairman of the Board of Management at Munich Re, said the new investment will help Munich Re expand its footprint in the U.S.’ insurance market of small and medium-sized commercial customers.

“Next Insurance will benefit from our expertise in primary insurance and reinsurance. This investment emphasizes Munich Re’s commitment to be the leading provider of digital insurance solutions,” added Wenning.

More to follow…