Global insurtech Novidea 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.
Throughout the past few years, the insurtech has witnessed major growth, selling to insurance companies around the world.
It has been revealed that Novidea will use the funds for continued organic expansion to additional territories to meet growing demand, as well as to accelerate product innovation and support the execution of Novidea’s inorganic growth strategy.
Corentin du Roy, Managing Director, HarbourVest Partners, commented: “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. We look forward to supporting the Novidea team as they continue to scale their activities internationally.”
As our readers are aware, digital transformation is a top priority for insurance organisations worldwide. As a result, technology spending in this sector is expected to grow by more than 25% by 2026.
If you recall, Novidea released a comprehensive report earlier this year, underscoring the substantial opportunity for insurtechs, revealing that 75% of global insurance businesses plan to change their core technology in the next two years.
Roi Agababa, CEO of Novidea, said: “We are thrilled to welcome HarbourVest as our newest investment partner, along with our existing investors. 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.”
In addition, Novidea recently bolstered its senior leadership, which included the appointments of, Chief Financial Officer Eran Ben Ezer, Chief Customer Officer Yaniv Cohen, Chief Technology Officer Erez Nissim, and Chief Revenue Officer Jeffrey Heine.
