Insurance technology platform Sayata has announced an additional $35 million in Series A funds raised; coupled with the $17 million it raised in the Summer of 2021, this brings its total Series A investment to $52 million. The additional fundraise was led by Pitango Growth and Hanaco ventures.
Sayata’s platform automates finding and securing business insurance, enabling users to spend their time elsewhere while the technology handles excess bureaucracy. “It’s rewarding to know that Sayata is helping brokers efficiently find relevant, cost-effective coverage options for their SMB (Small and Midsize Business) clients. Their success is reflected in the more than 10X growth we’ve experienced in 2021,” said Asaf Lifshitz, CEO of Sayata. “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.”
One of the lead investors in the round, Pitango Growth has invested in a variety of companies, including 7 that have become unicorns in the past five years. “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,” said Isaac Hillel, Managing Partner at Pitango Growth.
He added: “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. We look forward to them replicating their success across additional business coverage categories as they tackle the $100B small commercial insurance industry.”
“Sayata sits right at the heart of our insurtech 2.0 thesis,” said Lior Prosor, founding partner at Hanaco Ventures. “We believe the next multi-billion dollar insurtech companies will not be new consumer brands like generation 1.0, 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. We think they are just in the first inning of tapping into the $100 billion SMB insurance market in the US.”
Founded in 2017, Hanaco Ventures invests in promising Israeli start-ups; it’s portfolio includes over 30 companies, including AmWell, Namogoo, Moovit, Via, and SeeTree.