Cloud-based solutions provider for the insurance industry Novidea increased its Series B funding by $15m, adding to $15m raised just six months ago.
The round was led by Israel Growth Partners (IGP) and joined by JAL Ventures, KT Squared and 2B Angels.
Novidea already has 85 clients including Marsh, Howden and SRG with footprint in 17 countries. And with the fundraise, it will expand its operations in the USA and Europe as well as accelerate product innovation to meet increased market demand for cloud solutions.
Its data-driven platform enables brokers, agents and MGAs to drive operational efficiencies and growth across the entire distribution lifecycle.
Novidea CEO Roi Agababa believes the firm’s $30m funding for growth has been driven by the industry’s accelerated move away from legacy towards its cloud-based broker platform. He said, “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.”
Echoing a similar sentiment, IGP partner Assaf Harel added, “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 digitalisation 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.”
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