# Novidea

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/novidea

- Industry: Software
- Headquarters: Netanya, Israel
- Website: www.novidea.com
- Total disclosed funding: $110M
- Latest round: Series C (Apr 9, 2024)
- Investors on record: 7

## About

Founded in 2009 and based in Netanya, Israel, Novo Idea Software Limited, trading under the name Novidea, operates as a provider of software-as-a-service offering real-time business intelligence and workflow management for the insurance industry. With its headquarters nested in prime locations, Novidea operates across multiple continents. In July 2024, Novo Idea Software Limited, a portfolio company of KT Squared, Salesforce Ventures, 2B Angels, JAL Ventures, Israel Growth Partners, Battery Ventures, Cross Creek, and HarbourVest Partners, agreed to acquire Docomotion.

At its core, Novidea delivers insurance management platforms for businesses to streamline operations and enhance customer experiences. The hallmark of Novidea's product offering is its born-in-the-cloud, data-driven insurance platform, designed to digitize and optimize different facet of the insurance distribution lifecycle. Novidea also provides a product suite that integrates front, middle, and back office functionalities, enabling real-time analytics, efficient document management, and automated customer intelligence insights.

Novidea's revenue stream is primarily fueled by the adoption of its innovative insurance management platform by top-tier brokers, agents, and MGAs worldwide. This revenue stream is further amplified by ongoing support services, training programs, and customized implementations that cater to the unique needs of each client.

The acquisition in 2024 will allow Novo Idea Software Limited to accelerate its product development and add new capabilities to its insurance management platform and Docomotion to offer more products and global access to professional expertise.

## Funding rounds

- Series C, Apr 9, 2024, $30M — HarbourVest Partners
- Series C, May 3, 2023, $50M — Battery Ventures, Cross Creek, JAL Ventures, Israel Growth Partners, KT Squared
- Series B, May 3, 2021, $15M — 2B Angels, JAL Ventures, Israel Growth Partners, KT Squared
- Series B, Nov 24, 2020, $15M — 2B Angels, JAL Ventures, KT Squared

## Investors

- 2B Angels (https://capitalatlas.ai/funds/2b-angels) — Series B
- JAL Ventures (https://capitalatlas.ai/funds/jal-ventures) — Series B, Series C
- KT Squared (https://capitalatlas.ai/funds/kt-squared) — Series B, Series C
- Israel Growth Partners (https://capitalatlas.ai/funds/israel-growth-partners) — Series B, Series C
- Battery Ventures (https://capitalatlas.ai/funds/battery-ventures) — Series C
- Cross Creek (https://capitalatlas.ai/funds/cross-creek) — Series C
- HarbourVest Partners (https://capitalatlas.ai/funds/harbourvest-partners) — Series C