New York-headquartered Novella, an AI-powered wholesale insurance broker, recently raised USD 21 million to expand its broking operations across the United States, hire additional producers and continue developing its proprietary AI platform. The funding round was led by Brewer Lane Ventures and included participation from Box Group, Crystal Venture Partners, SV Angel, Avid Ventures, Verissimo Ventures, Blank Ventures and global insurer Arch.
Founded in 2024, Novella currently operates as a wholesale excess and surplus (E&S) insurance broker, combining human brokers with AI-driven automation tools. The company also has a presence in Florida and Texas, apart from a research and development centre in Tel Aviv, Israel.
Novella has tailored its AI platform to automate large parts of the insurance placement and servicing process, including binding, policy reviews, form comparison, inspections, endorsements, billing and renewals. The technology also enables brokers to spend more time focused on client relationships and business development rather than getting involved in mundane administrative work.
Post the successful completion of the funding round, Novella will be recruiting additional brokers, apart from focusing on tasks like further developing the in-house AI capabilities and supporting geographic expansion across the United States. In 2026, Novella opened offices in Miami and Houston, with further expansion planned, including a Southern California office expected to open in Q2 2026.
Novella, which is licensed across all 50 American states, has secured appointments from close to 100 speciality carriers and managing general agents to broker property and casualty insurance business. While over 3,500 retail agencies currently place business through the platform, the business is aiming to become one of the five largest wholesale E&S brokers in the world’s largest economy within the next decade, targeting USD 10 billion in premium volume over that period.
On the successful raising of USD 21 million, Novella founder and CEO Max Kane said, “We believe pairing world-class producers with world-class AI is the recipe for success. AI will make the best producers far better at their jobs, enabling them to better serve clients and focus on building bigger, more profitable books of business.”
As per Kane, Novella sees AI enhancing, instead of replacing, insurance producers by automating operational tasks around them.
Brewer Lane Ventures general partner Chris Downer said, “Wholesale broking, at heart, is about human relationships. Our producers need to be close to our retail brokers, so we will be expanding strategically across the country over the coming years. Novella is the first wholesaler to effectively blend AI and talent. Wholesalers spend years building relationships. Novella makes them better at it – that’s why top brokers are joining the team and how they’re changing speciality insurance.”