The investment brings Novidea’s total Series C funding round to $80 million, with participation from existing investors Battery Ventures, Cross Creek, Israel Growth Partners (IGP), KT Squared, and JAL Ventures.
The investment news follows on from Novidea bolstered its senior leadership team with the appointments of Eran Ben Ezer as Chief Financial Officer, Yaniv Cohen as Chief Customer Officer, Erez Nissim as Chief Technology Officer, and Jeffrey Heine as Chief Revenue Officer.
“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,” said Corentin du Roy, Managing Director, HarbourVest Partners. “We look forward to supporting the Novidea team as they continue to scale their activities internationally.”
Investment will fuel scaling strategy
With a track record of hyper-growth and successful engagements with leading insurance organisations worldwide, Novidea is poised to capitalise on the burgeoning demand for innovative insurance technology solutions. The infusion of funds will fuel Novidea’s ambitions to solidify its position as an industry leader, with a strategic focus on organic global expansion, product innovation, and executing its inorganic growth strategy.
The investment comes at a time when digital transformation takes center stage in the insurance industry. With technology spending expected to surge by more than 25 percent by 2026, there is a growing demand for innovative solutions addressing critical pain points such as data quality enhancement, seamless digital customer experiences, and streamlining repetitive processes for insurance professionals.
Over the past three years, Novidea has expanded its workforce across various global regions, including the UK, North America, and Europe, while also launching operations in Southeast Asia in late 2023.
Earlier this year, Novidea also underscored the significant opportunity for Insurtechs in its comprehensive report, revealing that 75% of global insurance businesses intend to overhaul their core technology within the next two years.
Speaking about the investment news, Roi Agababa, CEO of Novidea, said: “We are thrilled to welcome HarbourVest as our newest investment partner, along with our existing investors.”
He added: “The insurance sector is at a major inflection point, and we see significant growth potential as more organisations transition away from legacy technology in favour 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.”
