Sayata, the marketplace for insurance brokers and carriers to scale their business insurance portfolios, recently announced the addition of $35 million to the previous $17 million secured just five months ago, for a total A round valued at $52 million.
The additional raise has reportedly been led by Pitango Growth and Hanaco Ventures, along with contributions from previous investors Team8 Capital, Vertex Ventures, Elron Ventures, and investment crowdfunding platform OurCrowd.
Sayata’s proprietary tech automates the time-consuming process of finding and securing business insurance.
As noted in a release, brokers are “freed from the manual tasks of hunting for quotes, shuffling applications, and the lengthy back and forth with insurance providers to finalize coverage.”
Now, brokers input just a few pieces of information and “in seconds the software platform delivers multiple insurance quotes tailored to the client’s needs.” Once a quote is chosen, brokers complete the process “entirely on the platform, securing coverage in a fraction of the time, allowing them to put their efforts towards deepening current customer relationships and expanding their client base,” the announcement explained.
The Sayata platform launched around two years ago “offering a way for brokers to seamlessly find and secure cyber insurance for SMBs.” The automated platform proved successful in “locking down coverage for SMBs regardless of market conditions; whether it’s a “soft market” where insurance is easy to find and relatively inexpensive, or today’s “hard market” where cyber premiums are rising and coverage is more difficult to find due to the prevalence of ransomware.”
The update also mentioned that the firm will use the funds to “accelerate the addition of new business insurance lines fulfilling the promise that brokers will always be able to quickly and easily find any business coverage for their SMB clients regardless of market conditions.”
Asaf Lifshitz, CEO of Sayata, stated:
“It’s rewarding to know that Sayata is helping brokers efficiently find relevant, cost-effective coverage options for their SMB clients. Their success is reflected in the more than 10X growth we’ve experienced in 2021. This latest raise will allow us to accelerate the process of adding new lines of commercial insurance with the same easy-to-use functionally giving brokers a single destination for finding and securing insurance for SMBs.”
Isaac Hillel, Managing Partner at Pitango Growth, remarked:
“Asaf and Sayata’s team have been leading the company’s staggering growth since launching the
ir solution less than two years ago while making 2021 a breakout year. They’ve demonstrated the ability to build an offering that’s already successfully migrating an industry to more efficient digital solutions for finding and securing insurance. We look forward to them replicating their success across additional business coverage categories as they tackle the $100B small commercial insurance industry.”
Lior Prosor, founding partner of Hanaco Ventures added:
“Sayata sits right at the heart of our insurtech 2.0 thesis. We believe the next multi-billion dollar insurtech companies will not be new consumer brands like generation 1.0, but rather solutions that transform the industry’s current manual back-end processes into streamlined digital solutions. Sayata has proven more than adept at automating the distribution process of acquiring insurance for brokers. We think they are just in the first inning of tapping into the $100B SMB insurance market in the US. We are very excited to join and support their journey.”
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