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Novidea, an insurance coverage software program supplier, has secured a further $30m (NIS111.16m) funding from HarbourVest Companions.
This boosts the complete funds raised in Collection C to $80m and the general funds since inception to $120m.
HarbourVest Companions joins a roster of present traders together with Battery Ventures, Cross Creek, Israel Progress Companions, JAL Ventures and KT Squared.
The corporate gives a cloud-native software program platform for insurance coverage brokers, brokers, MGAs, wholesalers and specialty insurers.
Novidea’s resolution is designed to reinforce operational efficiencies by automating repetitive duties and offering information analytics.
The corporate plans to utilise the brand new capital to help its natural progress into new territories and inorganic progress plan, in addition to expediting product innovation.
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Novidea acknowledged that the demand for modern expertise options within the insurance coverage sector is rising, notably people who enhance information high quality, digital buyer experiences, and cut back handbook workload.
The corporate’s latest report highlighted a major alternative for insurtech corporations, with 75% of world insurance coverage companies seeking to overhaul their core expertise throughout the subsequent two years.
Novidea CEO Roi Agababa stated: “We’re thrilled to welcome HarbourVest as our latest funding accomplice, together with our present traders. The insurance coverage sector is at a serious inflection level, and we see important progress potential as extra organisations transition away from legacy expertise in favour of modern, fashionable options.
“With this funding, Novidea may have the assets we have to additional refine our product, increase our operations into new territories, and discover the chances of constructing strategic acquisitions on this house.”
HarbourVest Companions managing director Corentin du Roy stated: “We’ve got invested within the insurance coverage brokerage sector for years and have been impressed by the operational efficiencies that Novidea’s software program resolution delivers for brokers.”
Over the previous three years, Novidea has expanded its world workforce, establishing a presence within the UK, North America Europe, and South East Asia, the place it launched operations in late 2023.
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