Sayata’s rapid growth to be accelerated by further extending into new insurance lines for small and medium businesses
Sayata, the leading marketplace for insurance brokers and carriers to quickly and easily grow their business insurance portfolios, has raised $17M in series A funding that will drive expansion into several new insurance lines. Team8 Capital and Vertex Ventures led the round, who joined original investors Elron, Kamet, and OurCrowd.
Since launching its platform in February 2020, Sayata has seen consistent and compelling growth, doubling gross written premium every quarter to date, with millions of dollars in monthly premiums already.
“This round is coming just as we’re hitting our stride,” noted Asaf Lifshitz, CEO of Sayata. “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 “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.”
“Naturally we were excited about Sayata’s growth in such a short time.” Added Aviad Ariel, General Partner at Vertex Ventures, “but more so, we were impressed with their diverse team of seasoned insurance and technology minds. 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.”