Novidea closes $30 million Series B Round

Insurance software company Novidea closed a $30 million Series B financing led by Israel Growth Partners (IGP) and joined by JAL Ventures, KT Squared, and 2B Angels.

Founded in 2009, Novidea is a cloud-based platform that allows for policy sales growth, increased profitability, and enhanced operating efficiency with analytical tools, unique information analyses, and business insights accessible in real-time.

“Novidea is witnessing an increased global demand for its cloud-based insurance platform that translates insurance parameters into real-time business insights with advanced analytic capabilities and actionable information. We are excited about the partnership with IGP and their trust in our vision. The additional investment will enable Novidea to respond to the growing demand for our products, to accelerate our product roadmap, and to double-down on our global expansion.” – Roi Agababa, CEO of Novidea.

“While innovative direct-to-consumer business models are making waves in the market and forcing carriers to adapt, the traditional insurance agency ecosystem is significant and growing, but still very conservative and relies primarily on software systems written 15-20 years ago, as well as manual work. Novidea aims to lead the digitalization of the insurance distribution industry with an innovative cloud-based insurance platform that couples end-to-end management with actionable insights to enable customers to dramatically increase operational efficiencies and revenue and gain an unfair advantage in their respective markets.” – Assaf Harel, General Partner at IGP.