Novidea, a London, UK-based creator of the born-in-the-cloud, data-driven platform optimizing the entire insurance policy and distribution lifecycle, announced that it raised $50 million in Series C funding. To date, Novidea has raised $90 Million.
The 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. Shiran Shalev, Partner at Battery Ventures will join the Board of Directors at Novidea.
Novidea will leverage the investment to continue its journey to becoming an industry leader and increase international market share.
Specifically, funds will go to the 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.
"Novidea has experienced unprecedented growth, driven by the demand in global markets to modernize the insurance distribution lifecycle and provide a better digital experience," said Roi Agababa, CEO of Novidea. "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."
The company’s insurance platform enables insurance agents, brokers, and MGAs to automate repetitive processes, drive operational efficiencies, and increase business resilience to stay competitive and provide a better customer experience.
Company: Novo Idea Software Ltd.
Round: Series C
Funding Month: May 2023
Lead Investors: Battery Ventures
Additional Investors: Cross Creek, Israel Growth Partners (IGP), KT Squared, and JAL Ventures
Company Website: https://www.novidea.com/
Software Category: Insurance Software Solution
About the Company: Novidea is a provider of a cloud-native, data-driven insurance management system. Using an open API architecture, Novidea's software platform enables brokers, agents, MGAs, and carriers to modernize and manage the customer insurance journey, end-to-end, and drive growth across the entire insurance distribution lifecycle. The Novidea platform, built to leverage the power of Salesforce's Big Technology, provides a complete ecosystem spanning every aspect of the insurance business, including a 360-degree view of the customer and all stakeholders, an integrated customer-facing policy transactions, and the middle and back office. Brokers, agencies, and MGAs extract more value from their customer and policy data with actionable intelligence from any device, anywhere. Novidea supports more than 100 customers across 22 countries.