Novidea secured an additional US$30 million from HarbourVest Partners, taking its Series C to about US$80 million, the company said on 9 April 2024. Total funding reached about US$120 million.
Novidea is a cloud insurance management platform for brokers and MGAs. Investors include Battery Ventures, Cross Creek, IGP, KT Squared and JAL Ventures.
Broker systems are slow to replace, so steady growth capital matters for vendors in this category.
Brokers should ask about migration paths from legacy systems and data and AI features on the roadmap.
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