Insurance software developer Novidea has closes its Series B round on $15m, as it looks to capitalise on its strong growth.
Technology investment firm JAL Ventures led the investment, with contributions also coming from previous Novidea backers KT Squared and 2B Angels.
With this capital injection, the InusrTech hopes to meet the rising demand for its platform and support its “exceptional” global growth. It plans to grow its operations in the US and UK, as well as other international markets.
Growth plans also include increasing its sales and customer services, and improving operational efficiency.
Novidea CEO Roi Agababa said, “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.”
The InsurTech offers a data-driven, cloud-based solution that helps over 85 brokers, agents and MGAs around the world improve their operations. The platform, which is built on Salesforce, allows users to get instant access to all customer data, alongside actionable insights.
JAL Ventures Fund partner Yair Elbaz said, “Novidea is capitalising on two unstoppable trends: cloud migration and the increasing use of data-driven insights. Covid-19 has accelerated the adoption of cloud-based services and, five years from now, all insurance distribution will use this technology. Novidea is truly leading the way.”
Earlier in the year, Novidea formed a deal with MATRIX Greece, which sees it supply its technology to help the insurance firm offer it end-to-end digital support.
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