Novella, an AI-powered wholesale insurance broker, has raised $21m to expand its brokerage operations across the US, hire additional producers and continue developing its proprietary AI platform.
The funding round was led by Brewer Lane Ventures and included participation from Box Group, Crystal Venture Partners, SV Angel, Avid Ventures, Verissimo Ventures, Blank Ventures and global insurer Arch.
Founded in 2024, New York-based Novella operates as a wholesale Excess and Surplus (E&S) insurance broker, combining human brokers with AI-driven automation tools. The company also maintains a research and development centre in Tel Aviv, Israel.
Novella said its AI platform is designed to automate large parts of the insurance placement and servicing process, including binding, policy reviews, form comparison, inspections, endorsements, billing and renewals. The company said the technology enables brokers to spend more time focused on client relationships and business development rather than administrative work.
The fresh funding will be used to recruit additional brokers, further develop the company’s AI capabilities and support geographic expansion across the US. In 2026, Novella opened offices in Miami and Houston, with further expansion planned, including a southern California office expected to open in the second quarter.
The company said it is licensed across all 50 US states and has secured appointments from close to 100 specialty carriers and managing general agents to broker property and casualty insurance business. More than 3,500 retail agencies currently place business through the platform, according to the firm.
The firm is aiming to become one of the five largest wholesale E&S brokers in the US within the next decade, targeting $10bn in premium volume over that period.
The company was co-founded by CEO Max Kane, who previously spent almost four years at Lemonade, alongside CTO Michael Tsibelman and head of brokerage Alex Broome. Tsibelman has previously led engineering teams at Microsoft, Gigya and DoControl, while Broome has held positions at The Baldwin Group and ReShield.
Novella also participated in the Lloyd’s Lab startup programme at Lloyd’s as part of its early-stage development.
Novella founder and CEO Max Kane said, “We believe pairing world-class producers with world-class AI is the recipe for success.
“AI will make the best producers far better at their job, enabling them to better serve clients and focus on building bigger, more profitable books of business.”
He added that the company believes AI will enhance, rather than replace, insurance producers by automating operational tasks around them.
Brewer Lane Ventures general partner Chris Downer said, “Wholesale broking, at heart, is about human relationships. Our producers need to be close to our retail brokers, so we will be expanding strategically across the country over the coming years. Novella is the first wholesaler to effectively blend AI and talent.
“Wholesalers spend years building relationships. Novella makes them better at it – that’s why top brokers are joining the team, and how they’re changing specialty insurance.”
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