Sayata Extends A Round To $52 Million To Make Business Insurance More Accessible
BOSTON, Jan. 24, 2022 /PRNewswire/ --Sayata, the leading marketplace for insurance brokers and carriers to easily scale their business insurance portfolios, announced the addition of $35M to the previous $17M raised just five months ago, for a total A round of $52M. 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 proprietary technology automates the time-consuming process of finding and securing business insurance. 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 Sayata platform launched nearly 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 company 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.
"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, CEO of 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."
"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."
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."
Sayata delivers rapid growth to insurance brokers and carriers that focus on small-to-medium businesses. The Sayata platform streamlines the quote-bind-issue process allowing insurance professionals to seamlessly place more insurance policies in a fraction of the time. Sayata provides an end-to-end technological solution along with educational tools, giving our partners the ability to grow their book quickly and efficiently.
Pitango Growth is a tight and fast-moving team specializing in helping disruptive companies scale from startups into global players. With three decades of supporting Israeli founders, the team connects companies with their unique network of strategic global partners, as well as knowledge and benchmarks, that are required to fuel structured growth spurt in a constantly evolving tech world. In the past 5 years alone, Pitango Growth has helped 7 of its portfolio companies become unicorns and go Public on the capital markets, among them: Riskified (NYSE: RSKD), AppsFlyer, Via, DriveNets, Tomorrow.io, Tailor Brands, Logz.io, WhiteSource, Tabit and more.
Hanaco Ventures is a New York and Tel Aviv-based Venture Capital fund that invests in the most promising start-ups from the Israeli ecosystem. Hanaco partners with Israeli companies, wherever they are in the world, helping them become category leaders beloved by their customers. Hanaco was founded in 2017 by Alon Lifshitz, Pasha Romanovski, and Lior Prosor. Hanaco's 30+ company portfolio includes companies such as Infarm, SeeTree, AmWell, Yotpo, Namogoo, Moovit, and Via.