London-based Novidea, which created a cloud-based platform that streamlines the insurance policy and distribution process, recently raised $50 million in Series C funding.
Battery Ventures led the Series C funding round, with participation from Cross Creek, as well as existing investors Israel Growth Partners (IGP), KT Squared, and JAL Ventures. Shiran Shalev from Battery Ventures will join Novidea's Board of Directors.
Novidea plans to use the investment to continue its journey towards becoming a leader in the industry and increasing its international market share. The funds will be allocated towards the further development of its platform, bolstering its customer success infrastructure, and expanding teams and offices across target markets in the US, UK, EMEA, and APAC.
"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."
- says Roi Agababa, CEO of Novidea
Novidea's insurance platform automates repetitive processes and increases business resilience for insurance agents, brokers, and MGAs. By providing a better customer experience, the platform helps companies stay competitive in the insurance industry.