Novidea team celebrates Purim (from Facebook)
Novidea, an Israeli startup offering a cloud-based, data-driven Insurtech platform, raised $50 Million in Series C funding. The funding round was led by Battery Ventures with participation from Cross Creek, both new investors, and the company’s existing investors, Israel Growth Partners (IGP), KT Squared, and JAL Ventures. To date, Novidea has raised $90 Million.
So, there are some Israel Startup Nation firms bucking the worldwide trend of contraction that are still raking in the big bucks in new investments.
Apparently the company is a good bet for investors as in 2022 Novidea reported a 90% Year Over Year (YoY) growth rate, a Net Revenue Retention (NRR) rate of 139% and the expansion of employee headcount in all key regions where it does business, including the US, UK and EMEA. The company also bolstered its overseas research and development (R&D) teams, invested in global customer-success infrastructure to streamline service delivery in all regions and expanded its senior leadership team with multiple strategic hires in marketing, HR, finance, customer success, and technology.
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Founded in 2009, Novidea states that its end-to-end platform provides real-time business intelligence and seamless workflow management for brokers, agents, MGAs, bancassurance and corporate risk management. Novidea says that the platform is designed specifically for insurance distribution. The company boasts that the Novidea cloud-based platform gives users a single view for managing the entire insurance distribution lifecycle across all lines of business. It promotes service excellence, simplifies regulatory compliance, and gives you secure data access from any device, anytime.
“Novidea has experienced unprecedented growth, driven by the demand in global markets to modernize the insurance distribution lifecycle and provide a better digital experience,” said Roi Agababa, CEO of Novidea. “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.”
