Cloud-native insurance platform Novidea has raised $50m in a Series C funding round led by Battery Ventures.
Novidea’s insurance management platform offers a data-driven, cloud-based solution that is built on Salesforce, which standardises and automates processes to improve efficiency and deliver an enhanced user experience.
The company’s platform aims to optimise the entire insurance policy and distribution lifecycle for brokers, MGA’s and US Agencies.
The round also saw participation from Cross Creek, both new investors, and the company’s existing investors, Israel Growth Partners (IGP), KT Squared, and JAL Ventures. To date, Novidea has raised $90m.
Novidea said it will use the capital to support its ambition of becoming an industry leader and to increase international market share.
Specifically, funds will go to the further development of its cloud-based, data-driven insurance platform, fortification of its customer success infrastructure, and expansion of teams and offices across all target markets in the US, UK, EMEA, and APAC.
According to Novidea, its insurance platform enables insurance agents, brokers, and MGAs to automate repetitive processes, drive operational efficiencies, and increase business resilience to stay competitive and provide a better customer experience.
Roi Agababa, CEO of Novidea, said, “Novidea has experienced unprecedented growth, driven by the demand in global markets to modernize the insurance distribution lifecycle and provide a better digital experience.
“We are thrilled to welcome Battery Ventures and Cross Creek as our newest partners in this round of funding, along with our existing investors. Through this transaction, Novidea will have the ability to expand our product suite, add further innovation to our platform, and deliver superior customer experience.”
Earlier this year, Novidea partnered with the Further Group, a provider of health insurance products and service solutions, to implement its insurance management platform.
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