Novidea, an insurance coverage software program supplier, has secured an extra $30m (NIS111.16m) funding from HarbourVest Companions.
This boosts the complete funds raised in Sequence C to $80m and the general funds since inception to $120m.
HarbourVest Companions joins a roster of current buyers together with Battery Ventures, Cross Creek, Israel Development Companions, JAL Ventures and KT Squared.
The corporate provides a cloud-native software program platform for insurance coverage brokers, brokers, MGAs, wholesalers and specialty insurers.
Novidea’s answer is designed to boost operational efficiencies by automating repetitive duties and offering information analytics.
The corporate plans to utilise the brand new capital to help its natural development into new territories and inorganic development plan, in addition to expediting product innovation.
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By GlobalData
Novidea said that the demand for revolutionary know-how options within the insurance coverage sector is rising, significantly those who enhance information high quality, digital buyer experiences, and cut back handbook workload.
The corporate’s current report highlighted a major alternative for insurtech firms, with 75% of world insurance coverage companies seeking to overhaul their core know-how throughout the subsequent two years.
Novidea CEO Roi Agababa stated: “We’re thrilled to welcome HarbourVest as our latest funding accomplice, together with our current buyers. The insurance coverage sector is at a serious inflection level, and we see important development potential as extra organisations transition away from legacy know-how in favour of revolutionary, trendy options.
“With this funding, Novidea can have the assets we have to additional refine our product, broaden our operations into new territories, and discover the chances of creating strategic acquisitions on this area.”
HarbourVest Companions managing director Corentin du Roy stated: “We’ve invested within the insurance coverage brokerage sector for years and have been impressed by the operational efficiencies that Novidea’s software program answer delivers for brokers.”
Over the previous three years, Novidea has expanded its international workforce, establishing a presence within the UK, North America Europe, and South East Asia, the place it launched operations in late 2023.
