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Insurtech Novidea secures $30m to boost organic expansion

By Gloria Methri

April 10, 2024

  • Battery Ventures
  • Cross Creek
  • Data
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Novidea, InsurTech, Insurance Management, Cloud, Data, Health Insurance, Israel, FinTechNovidea, the creator of a cloud-based, data-driven enterprise insurance management platform, has raised an additional $30 million from HarbourVest Partners, totalling its Series C round to $80 million. Existing investors Battery Ventures, Cross Creek, Israel Growth Partners (IGP), KT Squared, and JAL Ventures also joined the funding round.

Over the last several years, Novidea has experienced hyper-growth, selling to leading insurance organizations across the globe. The company will leverage the investment to continue its organic expansion to additional territories, accelerate product innovation and support the execution of Novidea’s inorganic growth strategy.

We are delighted to partner with Novidea to support the company’s next phase of growth. We have invested in the insurance brokerage sector for years and have been impressed by the operational efficiencies that Novidea’s software solution delivers for brokers, said Corentin du Roy, Managing Director, HarbourVest Partners. “We look forward to supporting the Novidea team as they continue to scale their activities internationally.

“We are thrilled to welcome HarbourVest as our newest investment partner, along with our existing investors,” said Roi Agababa, CEO of Novidea. The insurance sector is at a major inflexion point, and we see significant growth potential as more organizations transition away from legacy technology in favour of innovative, modern solutions. With this investment, Novidea will have the resources we need to refine our product further, expand our operations into new territories, and explore the possibilities of making strategic acquisitions in this space.”

Novidea’s cloud-native software platform enables insurance agents, brokers, MGAs, wholesalers, and speciality insurers to automate repetitive processes, drive operational efficiencies, and increase business resilience to stay competitive and provide a better customer experience. Over the last three years, Novidea has increased its headcount in multiple global regions, including the UK, North America, and Europe. The company also launched in Southeast Asia in late 2023.

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