Sayata extends Series A round
Marketplace for insurance brokers and carriers Sayata announced the addition of $35 million to the previous $17 million raised five months ago, for a total A round of $52 million. The additional raise was led by Pitango Growth and Hanaco Ventures, with participation from previous investors Team8 Capital, Vertex Ventures, Elron Ventures, and OurCrowd.
Sayata’s platform helps brokers find and secure business insurance. The company has ~1,000 users representing over 100 brokerage and carrier partners. It works with insurance providers including AXIS, Brit, Hiscox, Tokio Marine, At-Bay, Coalition, and others.
The company will use the funds to accelerate the addition of new business insurance lines.
“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.” – Asaf Lifshitz, CEO of Sayata.
“Asaf and Sayata’s team have been leading the company’s staggering growth since launching their 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.” – Isaac Hillel, managing partner at Pitango Growth.
“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.” – Lior Prosor, founding partner of Hanaco Ventures.