Novidea eyes international market with $50m series C funding
Novidea, an insurtech with a data-driven distribution platform for brokers, MGAs and US agencies, has raised $50 million in Series C funding to drive international growth.
The funding round was led by Battery Ventures with participation from Cross Creek, and the company’s existing investors Israel Growth Partners (IGP), KT Squared, and JAL Ventures. To date, Novidea has raised $90 million.
Novidea plans to leverage the investment to increase its international market share. The funds will be allocated to further development of its cloud-based, data-driven insurance platform, fortification of its customer success infrastructure, and expansion of teams and offices across all target markets in the US, UK, EMEA, and APAC.
Roi Agababa (pictured), CEO of Novidea, said: “Novidea has experienced unprecedented growth, driven by the demand in global markets to modernize the insurance distribution lifecycle and provide a better digital experience. We are thrilled to welcome Battery Ventures and Cross Creek as our newest partners in this round of funding, along with our existing investors. Through this transaction, Novidea will have the ability to expand our product suite, add further innovation to our platform, and deliver superior customer experience.”
Shiran Shalev, partner at Battery Ventures, who will join the board of directors at Novidea, commented: “While businesses globally adjust to dealing with a pronounced increase in risk—driven by geopolitical, economic, and other events—the insurance industry has generally been underserved by technology relative to other sectors. Novidea has built a modern, comprehensive software suite which currently powers some of the world’s largest and most complex insurance groups, and we are excited to partner with them for their next phase of growth.”
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