Sayata adds $35M to Series A for business insurance

Insurance coverage dealer and service market Sayata took in $35 million in extra funds towards its Collection A after elevating $17 million in funds final August.

Pitango Development and Hanaco Ventures co-led the extension, with participation from earlier buyers Team8 Capital, Vertex Ventures, Elron Ventures and OurCrowd.

The brand new funding follows over 10 occasions income progress in 2021 for the Boston-based firm. Based two years in the past, the corporate gives a manner for small and medium companies to safe insurance coverage.

To get insurance coverage, these companies sometimes undergo an insurance coverage dealer quite than go on to the insurance coverage supplier, Asaf Lifshitz, co-founder and CEO of Sayata, stated by way of e-mail.

“The method above is rather more time intensive and guide,” Lifshitz stated. “Securing enterprise insurance coverage takes an enormous chunk of a dealer’s day. Hours are spent gathering quotes, serving to the shopper make sense of them, processing functions and plenty of forwards and backwards with insurance coverage suppliers to finalize protection.”

As a substitute, Sayata developed a market that’s totally automated and carried out on-line to supply a number of insurance coverage quotes from main insurance coverage suppliers primarily based on just a few items of details about the enterprise inputted by the dealer. These quotes, together with custom-made advertising supplies on the plans, are forwarded to the enterprise to pick and safe protection.

With this strategy, brokers utilizing Sayata are capable of supply prospects extra and higher protection choices and reply to requests quicker. That and a simple course of means shoppers usually go together with the insurance coverage supplied by Sayata’s dealer companions, Lifshitz stated.

So far, Sayata has greater than 1,000 customers representing over 100 brokerage and service companions. It really works with insurance coverage suppliers, together with Axis, Brit, Hiscox and Tokio Marine, in addition to main technological managing basic brokers at At-Bay, Coalition, Cowbell and Corvus.

The corporate has raised a complete of $60 million since being based in 2017 by Lifshitz, Avishay Maya and Iddan Golomb. The extra capital will allow the corporate so as to add to its headcount of 47, up from 17 on the identical time final yr.

It additionally permits the corporate to go after extra of the small and medium-sized enterprise insurance coverage market that Lifshitz estimates is over $100 billion simply in america.

“There may be plenty of market demand for a greater technique to safe business insurance coverage for SMBs,” he stated. “Presently, the corporate primarily gives cyber insurance coverage on the platform, and our shoppers have particularly requested for us so as to add extra traces of insurance coverage to the Sayata platform. Extending the present spherical is a good way to increase into new traces of protection quicker to fulfill that demand.”