US insurtech scores $17m funding to expand into $100bn SMB insurance market
A marketplace for insurance brokers and carriers to quote, bind and issue insurance policies quickly and easily has secured funding to expand into several new insurance lines for small and medium businesses.
Insurtech Sayata, which launched its platform in February 2020, has raised $17 million series A funding led by Team8 Capital and Vertex Ventures, who joined original investors Elron, Kamet, and OurCrowd.
Asaf Lifshitz (pictured), chief executive officer of Sayata, said: “This round is coming just as we’re hitting our stride. 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: “ 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 billion SMB insurance market.”
Aviad Ariel, general partner at Vertex Ventures, added: “ Sayata leverages its combined talent to discover creative solutions to solve long-standing industry problems. This is a major factor contributing to their current success and will only continue to fuel their growth into new frontiers as they continue to develop meaningful solutions for brokers and insurers alike.”
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