The insurance broker and carrier marketplace Sayata has raised an additional $35 million toward its Series A funding round, which follows a $17 million round of funding raised in August.
Pitango Growth and Hanaco Ventures co-led the extension, which included participation from existing investors Team8 Capital, Vertex Ventures, Elron Ventures, and OurCrowd. Pitango Growth and Hanaco Ventures co-led the extension.
The additional capital comes on the heels of the company’s forecasted revenue increase of more than tenfold in 2021. The organization, which was established two years ago, provides a mechanism for small and medium-sized enterprises to get insurance.
These firms often get insurance via an insurance broker rather than directly from the insurance provider, according to Asaf Lifshitz, co-founder, and CEO of Sayata, who spoke with us through email about the process.
“The approach outlined above is far more time consuming and laborious,” Lifshitz said. “Obtaining business insurance takes up a significant portion of a broker’s day. In order to complete coverage, hours are spent getting quotations, assisting the customer in making sense of them, processing applications, and communicating with insurance providers.”
Instead, Sayata created a marketplace that is completely automated and conducted entirely online, allowing brokers to get many insurance quotations from prominent insurance carriers based on a few pieces of information about their clients’ businesses that they give. They are delivered to the company, together with specialized marketing materials on the plans, to pick and acquire coverage for their employees.
When brokers use Sayata, they can offer their clients additional and better coverage alternatives while also responding to consumer inquiries quickly and efficiently. Because of this and the simplicity of the procedure, Lifshitz believes that consumers often choose the insurance supplied by Sayata’s broker partners.
Sayata now has over 1,000 users representing more than 100 brokerage and carrier partners, according to the company. It collaborates with insurance providers such as Axis, Brit, Hiscox, and Tokio Marine and leading technical managing general agents such as At-Bay, Coalition, Cowbell, and Corvus to deliver comprehensive risk management solutions.
Since its founding in 2017 by Lifshitz, Avishay Maya, and Iddan Golomb, the firm has raised a total of $60 million in venture capital. The new money will allow the firm to increase its current workforce of 47 employees, which is an increase from 17 at the same time last year.
As a result, it will allow the firm to pursue a larger share of the small and medium-sized business insurance market, which Lifshitz estimates to be worth more than $100 billion in the United States alone.
In his words, “there is significant consumer interest in an improved manner to get commercial insurance for small and medium-sized businesses.” The firm mainly provides cyber insurance on the Sayata platform in the current state of affairs. Our customers have particularly requested that we expand the Sayata platform to include more lines of insurance. Extending the present round is an excellent approach to develop into additional categories of coverage more quickly to fulfill that demand.”