Novidea Raises $50 Million in Series C Funding

Novidea announced it raised $50 million in Series C funding, 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, the insurance agency platform has raised $90 million.

In recent years, the company has experienced hyper-growth, selling to insurance leaders across the globe. Novidea will leverage the investment to continue its journey to becoming an industry leader and increase international market share. Specifically, funds will go to the further development of its cloud-based, data-driven insurance platform, fortification of its customer success infrastructure, and expansion of teams and offices across all target markets in the US, UK, EMEA, and APAC.

Shiran Shalev, partner at Battery Ventures, will join the Board of Directors.

In 2022, Novidea reported:

• 90% Year Over Year (YoY) growth rate.
• Net Revenue Retention (NRR) rate of 139%.
• Expansion of employee headcount in all key regions where it does business, including US, UK and EMEA.
• Bolstering of its overseas research and development (R&D) teams.
• Investment in global customer-success infrastructure to streamline service delivery in all regions.
• Expansion of its senior leadership team with multiple strategic hires in marketing, HR, finance, customer success, and technology.

SOURCE: Novidea