Novidea, an Israel-based insurer which specialises in tech insurance has successfully raised 15 million in a series B funding. JAL Ventures Fund II led the funding round, while other investors such as KT Squared and 2B Angels also participated in the funding.
Many insurance companies struggle to cope with the legacy systems that are limited, inflexible and are expensive to update. However, Novidea provides a cloud -based platform for the customers to seamlessly work from any device, anywhere. Therefore, insurance companies can bolster their growth and profitability through enhanced customer service and sales, while improving operations.
The company’s data-driven, cloud-based solution will make a positive impact in the insurance sector globally. The product has gained popularity in recent years in countries such as the UK, US and has traction with over 85 brokers, agents and MGA’s across the globe.
Roi Agababa, CEO of Novidea, told the media, “We are excited to partner with JAL Ventures as a highly valued new investor, and appreciate the continued trust of our existing investors, who have demonstrated their confidence in our strategy and market-leading product. We are seeing growing demand for our smart data-driven platform with its powerful analytical capabilities and actionable intelligence. This investment enables Novidea to meet this demand and continue its exponential global growth, while expanding its operations in the US, UK, and international markets. It will also accelerate product innovation to further engage with large, enterprise insurance firms and grow our teams with a key focus on our customers’ success.”