Novidea, a creator of a cloud-based, data-driven enterprise insurance management platform, announced it has raised an additional $30 million from HarbourVest Partners, bringing its total Series C round to $80 million. HarbourVest Partners joins existing investors Battery Ventures, Cross Creek, Israel Growth Partners (IGP), KT Squared, and JAL Ventures. To date, Novidea has raised $120 million.

Novidea will leverage the investment for continued organic expansion into additional territories to meet growing demand, accelerate product innovation, and support the execution of Novidea’s inorganic growth strategy, according to a company press release.

“We are thrilled to welcome HarbourVest as our newest investment partner, along with our existing investors,” said Novidea CEO Roi Agababa in the release. “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.”

Novidea’s cloud-native software platform enables insurance agents, brokers, MGAs, wholesalers, and specialty insurers to automate repetitive processes, drive operational efficiencies, and increase business resilience to stay competitive and provide a better customer experience. During the last three years, Novidea has increased its headcount in multiple global regions, including the U.K., North America, and Europe. The company also launched in Southeast Asia in late 2023.

The company has recently augmented its senior leadership, including Chief Financial Officer Eran Ben Ezer, Chief Customer Officer Yaniv Cohen, Chief Technology Officer Erez Nissim, and Chief Revenue Officer Jeffrey Heine.

Source: Novidea