Novidea, a US-headquartered insurance management software developer backed by enterprise software producer Salesforce, has received $15m in a series B round led by growth equity firm JAL Ventures’ Fund II.
Existing backers including KT Squared – the investment vehicle for the Merkin family – and VC fund 2B Angels also participated in the round.
Founded in 2009, Novidea provides a cloud-based platform that allows insurance brokers, agents and managing general agents to make the process of distributing insurance more efficient.
The company claims its digital ecosystem can cover every aspect of an insurance business. The platform enables brokers to instantly access all their customer data from any device and receive actionable intelligence on that data.
Novidea will use the funding to expand its operations in markets including the US and UK. It will also be used to accelerate product innovation.
In October 2018, Novidea secured an undisclosed amount of funding from Salesforce’s corporate venturing unit, Salesforce Ventures, in addition to KT Squared and unnamed existing investors.