Novidea, a Netanya, Israel-based creator of the cloud-based, data-driven enterprise insurance management platform, raised additional $30M in funding.
Backers included HarbourVest Partners joining existing investors Battery Ventures, Cross Creek, Israel Growth Partners (IGP), KT Squared, and JAL Ventures.
The company, which has raised $120M to date, intends to use the funds to continue organic expansion to additional territories, as well as to accelerate product innovation and support the execution of its inorganic growth strategy.
Led by CEO Roi Agababa, Novidea provides a cloud-native software platform that enables insurance agents, brokers, MGAs, wholesalers, and specialty insurers to automate repetitive processes, drive operational efficiencies, and increase business resilience to stay competitive and offer a better customer experience. Over the last three years, the company has increased its headcount in multiple global regions, including the UK, North America, and Europe. Novidea also launched in Southeast Asia in late 2023.
Commenting on the news, Roi Agababa said: “The insurance sector is at a major inflection point, and we see significant growth potential as more organisations transition away from legacy technology in favor of innovative, modern solutions. With this investment, Novidea will have the resources we need to further refine our product, expand our operations into new territories, and explore the possibilities of making strategic acquisitions in this space.”
FinSMEs
10/04/2024