Pitango Growth and Hanaco Ventures back insurtech platform Sayata
Insurtech platform Sayata has raised an additional $35 million in A-round funding as it moves to add new business insurance lines to its broker platform.
The new funds bring the A-round take to $52 million. Pitango Growth and Hanaco Ventures came on board for the latest injection, joined by to-date investors Team8 Capital, Vertex Ventures, Elron Ventures, and OurCrowd.
The company will use the funds to accelerate the addition of new business insurance lines into its platform where brokers match business needs to insurer offers automatically.
The Sayata platform launched nearly two years ago offering a way for brokers find and secure cyber insurance for small and medium sized business.
Asaf Lifshitz, CEO of Sayata, commented: “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.”
Isaac Hillel, managing partner at Pitango Growth, added: “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."
Lior Prosor, founding partner of Hanaco Ventures, added: "We believe the next multi-billion dollar insurtech companies will not be new consumer brands ..., 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."
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