Case Study
Published on Dec 2025
Employees at Next Insurance earned meaningful stock option grants. But like most startup employees, deciding how and when to exercise stock options isn’t always straightforward.For some, the upfront exercise cost was significant. For others, it wasn’t about affordability at all, but about managing personal financial risk, preserving liquidity, or avoiding tying up savings while the company’s future valuation was still uncertain.
Common consideration included:
Next Insurance employees faced a mix of these realities. They wanted to participate in the company’s upside, but in a way that fit their financial strategy.So they turned to Equitybee.
Between September 2021 and December 2023, 10 employees used Equitybee to fund the full cost of exercising their stock options. With Equitybee, they secured a total of $802K in funding, which covered each employee's exercise price and associated taxes, enabling them to convert into full shareholders.
Here’s how the model works:
For some, Equitybee solved an affordability challenge. For others, it was a risk-management choice, allowing them to hold onto their equity without tying up personal liquidity.
In March 2025, Next Insurance was acquired by Ergo Group (part of Munich Re) in a $2.6B cash-only transaction.
Because they exercised earlier using Equitybee funding, all 10 employees received liquidity at exit. Without exercising, they would not have been shareholders at the time of acquisition and would have forfeited their upside.
Even though Next Insurance exited below its prior $4B valuation peak, employees still walked away with meaningful proceeds. Equitybee helped ensure they didn’t miss the opportunity.
* 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.
Next Insurance is a clear example of a broader trend among startup employees: Exercising stock options is not just about affordability. It’s about timing, risk exposure, liquidity preference, and long-term financial strategy. Equitybee helps employees:
Thousands of startup employees have already used Equitybee to unlock their equity, including teams from Reddit, SpaceX, Databricks, Klarna, Stripe, Monday.com, Affirm, Rippling, Discord, Wiz and many others.
You worked hard for your equity. Whether you’re managing risk, preserving liquidity, or simply avoiding a large cash outlay, there’s a way to participate in your company’s upside. Equitybee has already helped:
If you have vested stock options and want a more flexible path to ownership, Equitybee can help.
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