Insurance broker marketplace Sayata has bagged $17m from a Series A funding round led by Team8 Capital and Vertex Ventures.
The round also saw participation from existing investors Elron, OurCrowd and Kamet.
Launched in 2020, Sayata claims its platform removes the burden of the quote-bind-issue process by allowing insurance professionals to seamlessly place more insurance policies in a fraction of the time.
The company provides an end-to-end technological solution alongside educational tools. To date, Sayata claims it has over 1,000 users across over 75 brokerages and carriers who partner with Sayata.
Sayata noted that since the launch of its platform, it has seen ‘consistent and compelling’ growth and has doubled gross written premium every quarter to date.
Sayata CEO Asaf Lifshitz 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.”
Team8 Capital managing partner Sarit Firon added, “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.”