In July 2022, Israeli insurtech unicorn Next Insurance laid off 150 employees, representing approximately 17% of its workforce. The majority of the cuts were in the U.S., with around 40 positions affected in Israel. The company, which provides digital insurance for small and medium-sized businesses and had about 200,000 customers, cited the need to adapt to a worsening macroeconomic environment and shift focus toward long-term profitability. Despite tripling its business in 2021 and projecting over $800 million in annual sales for 2022, Next Insurance made this difficult decision to streamline operations. The company had previously raised $250 million at a $4 billion valuation in March 2021.
