Home Breaking News US-based Insurtech startup Sayata raises USD 35 million in Series A extension

US-based Insurtech startup Sayata raises USD 35 million in Series A extension

US-based Sayata, an insurtech platform that helps insurance brokers grow their commercial book by automating the quote-bind-issue process, raised USD 35 million on 24th January 2022.

Investors: The investment round was led by Pitango Growth and Hanaco Ventures, with existing investors Team8 Capital, Vertex Ventures, Elron Ventures, and OurCrowd. Total capital raised has reached USD 52 million with this round, including USD 17 million from the previous Series A round.

Purpose of funding: Using the funding, the startup will be able to expand its product offerings, making sure brokers can find any business insurance they require regardless of market conditions.

About Sayata

Founded in 2016 by Asaf Lifshitz, Avishay Maya, and Iddan Golomb, Sayata is located in Boston, US. Sayata is an insurtech platform that helps insurance brokers grow their commercial books by automating the quote-bind-issue process. With the startup’s proprietary technology, business insurance can be found and secured in a matter of minutes. Therefore, the broker is freed from the tedious task of looking for quotes, shuffled applications, and lengthy back and forth with insurance providers to complete the policy. This allows brokers to deepen existing relationships with clients and expand their client base.

What the founder has to say

“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,” said Asaf Lifshitz, Co-founder and CEO at Sayata.

“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.”

What the investors have to say

“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,” said Isaac Hillel, Managing Partner at Pitango Growth.

“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.”

“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,” said Lior Prosor, founding partner at Hanaco Ventures.

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Varun Nath writes about the startup ecosystem on VC Bay. A student at Delhi University, he is pursuing a Bachelor of Commerce degree. In pursuit of exploring the world of finance and technology. You can reach him at varunnath155@gmail.com


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