The company offers a cloud-native software platform for insurance agents, brokers, managing general agents (MGAs), wholesalers and specialty insurers. Credit: Funtap/Shutterstock.

Novidea, an insurance software provider, has secured an additional $30m (NIS111.16m) investment from HarbourVest Partners.  

This boosts the total funds raised in Series C to $80m and the overall funds since inception to $120m.  

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HarbourVest Partners joins a roster of existing investors including Battery Ventures, Cross Creek, Israel Growth Partners, JAL Ventures and KT Squared. 

The company offers a cloud-native software platform for insurance agents, brokers, MGAs, wholesalers and specialty insurers. 

Novidea’s solution is designed to enhance operational efficiencies by automating repetitive tasks and providing data analytics.  

The company plans to utilise the new capital to support its organic growth into new territories and inorganic growth plan, as well as expediting product innovation. 

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Novidea stated that the demand for innovative technology solutions in the insurance sector is growing, particularly those that improve data quality, digital customer experiences, and reduce manual workload.  

The company’s recent report highlighted a significant opportunity for insurtech companies, with 75% of global insurance businesses looking to overhaul their core technology within the next two years. 

Novidea CEO Roi Agababa said: “We are thrilled to welcome HarbourVest as our newest investment partner, along with our existing investors. The insurance sector is at a major inflection point, and we see significant growth potential as more organisations transition away from legacy technology in favour 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.” 

HarbourVest Partners managing director Corentin du Roy said: “We have invested in the insurance brokerage sector for years and have been impressed by the operational efficiencies that Novidea’s software solution delivers for brokers.”  

Over the past three years, Novidea has expanded its global workforce, establishing a presence in the UK, North America Europe, and South East Asia, where it launched operations in late 2023.