Sayata, an Israeli insuretech startup that offers a solution for insurance brokers and carriers to grow their business insurance portfolios, has raised $17 million in series A funding. Team8 Capital and Vertex Ventures led the round, which joined original investors Elron, Kamet, and OurCrowd.
According to Investopedia, Insurtech refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model. Insurtech is a combination of the words “insurance” and “technology,” inspired by the term fintech.
Sayata launched in February of 2020, just before the Coronavirus pandemic shut down the world. That may have been an example of really bad timing. But the company was only in its infancy at that time and not in need of making sales. So maybe a global pandemic caused recession is the right time to get started.
The company declares that it 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. To date, over 1,000 users across 75 brokerages and carriers partner with Sayata to grow their SMB book.
“This round is coming just as we’re hitting our stride,” noted Asaf Lifshitz, CEO of Sayata. “The market has responded incredibly well to our offering since launch with both our broker and carrier partners asking to see more business insurance lines represented on the platform. As the broker and insurer communities increasingly rely on us, we’re excited to help them win more business. With the backing of Team8, Vertex, and our existing investors, we’re going to deliver just that.”
Sarit Firon, Managing Partner at Team8 Capital commented “We were immediately taken with Sayata. We’ve seen our share of startups, specifically InsurTechs, and Sayata’s growth is exceptional because they’ve clearly identified a market need – the ability to automate the business insurance sales cycle in a way that removes friction and ambiguity. This allows the broker, insurer, and client to get what they need with less work and in less time. Sayata’s ongoing expansion into new lines of coverage will provide even more value to those that offer or need business insurance within the $100 bn SMB insurance market.”