Novidea Expands Series C Round with $30 Million from HarbourVest Partners

The Series C round, totalling $80B will be used for continued organic geographic expansion, accelerated product innovation, and to support Novidea’s inorganic growth strategy.

(Image source: Novidea website.)

Novidea (Netanya, Israel/London), creator of a cloud-based, data-driven enterprise insurance management platform, has announced that 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.

Corentin du Roy, Managing Director, HarbourVest Partners.

The company reports that it has experienced hyper-growth over the last several years, selling to prominent insurance organizations across the globe. Novidea says it will leverage the new investment to continue its journey to becoming an industry leader. The company says that the funds will be used for continued organic expansion to additional territories to meet growing demand, 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,” comments Corentin du Roy, Managing Director, HarbourVest Partners. “We look forward to supporting the Novidea team as they continue to scale their activities internationally.”

Novidea places its new funding in the context of a continuing emphasis on digital transformation among insurance organizations worldwide. Owing to that trend, technology spending in this sector is expected to grow by more than 25 percent by 2026. Accordingly, 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 report stressing the significant opportunity for InsurTechs, citing that 75 percent of global insurance businesses plan to change their core technology in the next two years.

Significant Growth Potential

Roi Agababa, CEO, Novidea.

“We are thrilled to welcome HarbourVest as our newest investment partner, along with our existing investors,” comments Roi Agababa, CEO, 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.”

Novidea describes its cloud-native software platform as enabling 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, adding Chief Financial Officer Eran Ben Ezer, Chief Customer Officer Yaniv Cohen, Chief Technology Officer Erez Nissim, and Chief Revenue Officer Jeffrey Heine.

Novidea Raises $50M in Series C Round Led by Battery Ventures

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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