Insurtech Novidea raises $15m Series B to support global growth

Insurtech Novidea, a cloud-based broker management platform, has raised $15 million in Series B funding led by JAL Ventures Fund II, with the participation of existing investors including KT Squared LLC and 2B Angels.

The company will use the proceeds to expand its operations in the US, UK and international markets, as well as accelerate its product innovation in collaboration with large, enterprise insurance firms.

Novidea's data-driven platform enables brokers, agents, and MGAs to drive operational efficiencies and growth across the entire distribution lifecycle.

Roi Agababa, Novidea CEO, said: “We are seeing growing demand for our smart data-driven platform, with its powerful analytical capabilities and actionable intelligence. This investment will enable Novidea to meet this demand and continue its exponential global growth, while expanding its operations in the US, UK, and international markets. It will also accelerate product innovation to further engage with large, enterprise insurance firms and grow our team with a key focus on our customers’ success.”

Yair Elbaz, partner of JAL Ventures Fund, said: "Novidea is capitalising on two unstoppable trends: cloud migration and the increasing use of data-driven insights. Covid-19 has accelerated the adoption of cloud-based services and, five years from now, all insurance distribution will use this technology. Novidea is truly leading the way."