Insurtech startup Novidea secures $15M in series B round

Novidea, an Israeli insurtech company which has developed a system to help improve the efficiency of brokers and agents, has raised US$ 15 million in a Series B funding round held in November 2020, led by the JAL Ventures Fund II. Other participants include previous investors Salesforce, KT Squared LLC, and 2B Angels. The startup has raised US$ 23 million to date. 

Novidea was named as one of the world’s top 100 most innovative insurtech companies as part of the INSURTECH100, which is an annual list of 100 of the world’s most innovative InsurTech companies selected by a panel of industry experts and analysts. Its R&D centers are located in Israel, the U.K., and the U.S, with 68 employees.

What Novidea has to say

“We’re seeing a growing demand in the world for a smart platform that translates insurance data into business insights in real-time, advanced analytic capabilities and information that users can act upon,” said CEO and founder of Novidea, Roi Agababa. 

“This investment will allow us to meet the growing demand and to continue to grow globally, while expanding our activity in the U.S. and Europe and additional markets. This most recent fundraising round will be used to accelerate our R&D and innovative activity while expanding our team and emphasizing the success of our customer base,” he also added.

What JAL Ventures has to say

Yair Elbaz, a partner at JAL Ventures, said, “Novidea is taking advantage of two unstopabble trends, data transfer to the cloud and increasing the use of data insights in real-time. The coronavirus (Covid-19) pandemic has accelerated the adoption of cloud-based services and within five years all insurance groups will use this technology.”

About Novidea

It is an insurance technology company solving the hardest challenges faced by insurance distribution businesses, fuelling rapid growth and reshaping the customer experience with real-time insights and actionable intelligence. Founded in 2009, it was co-founded by Roi Agababa and Sharone Volk. 

It has served in 17 countries, with 22,000,000 average monthly transactions. The company has more than 20,000,000 policies and has insured 4,500,000 plus clients. With a single insurance distribution platform, the company provides a 360-degree business view, unprecedented insight, and a powerful competitive advantage. 

About JAL Ventures

JAL Ventures Fund provides expansion capital to fast-growing, revenue-generating technology companies in Israel. It invests across several technology sectors including Enterprise Software & Cyber Security, usually in Pre-Series A and Series A investment rounds when they are already at the stage of early revenues and have a clear technology advantage. It was founded by Joshua and Amiram Levinberg who are the co-founders of Gilat Satellite Networks Ltd. 

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