Novidea provides a cloud-native, data-driven enterprise insurance management platform that enables agents, brokers, MGAs, wholesalers, and specialty insurers to automate repetitive processes, improve data quality and access, and enhance customer experience. Its software drives operational efficiencies and resilience for insurance organisations undergoing digital transformation. Over recent years Novidea has experienced hyper-growth, selling to leading insurance organisations globally and increasing headcount across the UK, North America, and Europe; it also launched in Southeast Asia in late 2023. The company announced an additional $30 million from HarbourVest Partners, bringing its Series C to $80 million and total capital raised to $120 million. Novidea plans to use the proceeds for organic expansion into additional territories, to accelerate product innovation, and to support inorganic growth including potential strategic acquisitions. The company has also published market research highlighting strong demand for core-technology replacement in insurance (reporting 75% of global insurance businesses plan to change core technology in the next two years) and recently augmented its senior leadership team, including CFO Eran Ben Ezer, CCO Yaniv Cohen, CTO Erez Nissim, and CRO Jeffrey Heine. Novidea builds a cloud-native, data-driven insurance management system that supports the full insurance policy and distribution lifecycle. The platform uses an open API architecture and is built to leverage Salesforce’s technology, providing an integrated ecosystem for customer-facing policy transactions and middle/back office operations. It targets brokers, agents, MGAs, and carriers, enabling them to modernize and manage the end-to-end customer insurance journey. Novidea serves more than 100 customers across 22 countries. The company is led by CEO Roi Agababa and is based in Milwaukee (US), London (UK), and Netanya (Israel). Novidea is a cloud-based insurance platform that provides policy sales growth, increased profitability, and enhanced operating efficiency through analytical tools, unique information analyses, and real-time business insights. The company offers end-to-end management for insurance distribution and positions its analytics as actionable information for customers. Founded in 2009, Novidea targets the traditional insurance agency ecosystem and carriers that rely on legacy systems and manual processes. Management reports increased global demand for its platform and plans to use new capital to accelerate the product roadmap and expand internationally. Novidea emphasizes advanced analytic capabilities that convert insurance parameters into real-time business insights to help customers increase operational efficiencies and revenue. Novidea is a New York-based cloud platform for managing the entire insurance distribution lifecycle. The company completed a $15 million Series B financing. The round was led by JAL Ventures Fund II and included participation from existing investors KT Squared LLC and 2B Angels. Proceeds will be used to expand Novidea's operations in the US, the UK, and other international markets. The funding will also be used to accelerate product innovation.

Total raised

$125M

Funding rounds

4

Latest round

Series C

Latest activity

Apr 2024