Novidea raises $30 million

Insurance management platform provider 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, KT Squared, and JAL Ventures. To date, Novidea has raised $120 million.

The capital 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.

Novidea’s cloud-native software platform enables insurance agents, brokers, MGAs, wholesalers, and specialty insurers to automate repetitive processes and drive operational efficiencies. 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.

“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.” – Corentin du Roy, Managing Director, HarbourVest Partners.

“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.” – Roi Agababa, CEO of Novidea.