–News Direct–
Novidea, creator of the cloud-based, data-driven enterprise insurance management platform, today announced it has raised an additional $30 million from HarbourVest Partners, bringing its total Series C round to $80 million, joining existing investors Battery Ventures, Cross Creek, Israel Growth Partners (IGP), KT Squared, and JAL Ventures. To date, Novidea has raised $120 Million.
Over the last several years, Novidea has experienced hyper-growth, selling to leading insurance organizations across the globe. Novidea will leverage the investment to continue its journey to becoming an industry leader. Funds will be used for continued organic expansion to additional territories to meet growing demand, as well as to accelerate product innovation and support the execution of Novideas inorganic growth strategy.
We are delighted to partner with Novidea to support the companys next phase of growth. We have invested in the insurance brokerage sector for years and have been impressed by the operational efficiencies that Novideas 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.
Digital transformation is the top priority for insurance organizations worldwide. As a result, technology spending in this sector is expected to grow by more than 25 percent by 2026. Innovative technology solutions that address the most urgent pain points, such as improving data quality and access, providing a seamless digital customer experience, and reducing repetitive processes for the insurance workforce, are in high demand. Earlier this year, Novidea released a comprehensive report underscoring the massive opportunity for Insurtechs, revealing that 75% of global insurance businesses plan to change their core technology in the next two years.
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 inflection point, and we see significant growth potential as more organizations 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.
Novideas cloud-native software platform enables insurance agents, brokers, MGAs, wholesalers, and specialty 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.
The company has recently augmented its senior leadership, including Chief Financial Officer Eran Ben Ezer, Chief Customer Officer Yaniv Cohen, Chief Technology Officer Erez Nissim, and Chief Revenue Officer Jeffrey Heine.
About Novidea
Novidea is the leading Insurtech provider of a cloud-native, data-driven insurance management system. With its open API architecture, Novidea enables brokers, agents, MGAs, and carriers to modernize and manage the customer journey end-to-end and drive growth across the entire insurance distribution lifecycle. Novidea's streamlined and automated platform fully integrates front, middle, and back offices. The Novidea platform boosts operational efficiency while providing a seamless digital experience for team members and customers alike. Insurance businesses benefit from a 360-degree view of customers and policies and can access data and actionable insights anytime, anywhere, and on any device. Novidea supports more than 100 customers across 22 countries. Novidea has been awarded for its outstanding contribution to technology and innovation from the London Market Forum, the Insurtech100 list of the worlds most innovative Insurtechs, and AIFintech 100.
Contact Details
Michelle Barry
+1 603-809-2748
Simon Hayes
+44 7771 516544
Company Website
View source version on newsdirect.com: https://newsdirect.com/news/novidea-secures-additional-30-million-from-harbourvest-partners-bringing-total-series-c-to-80-million-633753773
Novidea
COMTEX_450578048/2655/2024-04-09T08:05:42
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