Israeli insurance software company Novidea today announced that it has completed a $30 million Series B financing round, led by Israel Growth Partners (IGP), with JAL Ventures, KT Squared, and 2B Angels. The Netanya-based company provides a cloud-based, data-driven insurtech platform that allows brokers, agents, and MGAs to drive operational efficiencies and growth across the entire distribution lifecycle
Novidea founder and CEO Roi Agababa said, "Novidea is witnessing an increased global demand for its cloud-based insurance platform that translates insurance parameters into real-time business insights with advanced analytic capabilities and actionable information. We are excited about the partnership with IGP and their trust in our vision. The additional investment will enable Novidea to respond to the growing demand for our products, to accelerate our product roadmap, and to double-down on our global expansion."
IGP general partner Assaf Harel added, "While innovative direct-to-consumer business models are making waves in the market and forcing carriers to adapt, the traditional insurance agency ecosystem is significant and growing, but still very conservative and relies primarily on software systems written 15-20 years ago, as well as manual work. Novidea aims to lead the digitalization of the insurance distribution industry with an innovative cloud-based insurance platform that couples end-to-end management with actionable insights to enable customers to dramatically increase operational efficiencies and revenue and gain an unfair advantage in their respective markets."
Published by Globes, Israel business news - en.globes.co.il - on May 31, 2021
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