Novidea, a player in the InsurTech field, recently announced a $30 million funding boost from HarbourVest Partners, propelling its total Series C funding to $80 million and overall funding to $120 million.Â
The infusion of funds is earmarked for several key initiatives aimed at solidifying Novidea’s market position. Foremost among these is the company’s organic expansion into new territories, responding to the escalating demand for Novidea’s solutions.Â
The insurance sector is at a major inflection point
Roi Agababa, CEO of Novidea The CEO further emphasized the significant growth potential as the industry transitions from legacy technology to innovative, modern solutions. The funds will, therefore, support Novidea’s strategy for inorganic growth through strategic acquisitions, enabling the company to rapidly scale and diversify its capabilities.
A Partnership Set for Success
HarbourVest Partners expressed enthusiasm about partnering with Novidea. Corentin du Roy, HarbourVest’s Managing Director, highlighted the operational efficiencies Novidea’s software delivers for brokers.
This partnership is poised to aid Novidea in scaling its operations internationally
Agababa shared his excitement about the partnership with HarbourVest and the continued support from existing investors.
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.
With the demand for digital transformation within the insurance sector set to surge by more than 25% by 2026, Novidea is set to tackle the critical challenges the industry faces. This includes enhancing data quality, improving digital customer experiences, and streamlining insurance workforce processes.
An insightful report released by Novidea earlier this year revealed that 75% of global insurance businesses plan to overhaul their core technology within the next two years, underscoring the opportunity for InsurTech innovations.
