Novidea Raises $80 Million to Accelerate Digital Transformation in Insurance Industry

Novidea, the creator of a cloud-based, data-driven enterprise insurance management platform, has announced a significant investment boost, securing an additional $30 million from HarbourVest Partners. This latest funding brings Novidea’s total Series C round to $80 million, with existing investors Battery Ventures, Cross Creek, Israel Growth Partners (IGP), KT Squared, and JAL Ventures also participating.

Over the past few years, Novidea has experienced rapid growth, selling its innovative solutions to leading insurance organizations across the globe. The company plans to leverage this investment to solidify its position as an industry leader, with funds earmarked for continued organic expansion into additional territories to meet the growing demand for its platform. Additionally, the investment will 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,’ said Corentin du Roy, Managing Director at HarbourVest Partners. ‘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.’

Digital transformation is the top priority for insurance organizations worldwide, with technology spending in this sector expected to grow by more than 25 percent by 2026. Innovative technology solutions that address 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 comprehensive report underscoring the massive opportunity for Insurtechs, revealing that 75% of global insurance businesses plan to change their core technology in the next two years.

‘We are thrilled to welcome HarbourVest as our newest investment partner, along with our existing investors,’ said Roi Agababa, CEO of 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.’

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