BOSTON, Aug. 25, 2021 /PRNewswire/ -- 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."
Sayata delivers rapid growth to insurance brokers and carriers that focus on small-to-medium businesses. The Sayata platform streamlines the quote-bind-issue process allowing insurance professionals to seamlessly place more insurance policies in a fraction of the time. Sayata provides an end-to-end technological solution along with educational tools, giving our partners the ability to grow their book quickly and efficiently. To date, over 1,000 users across 75 brokerages and carriers partner with Sayata to grow their SMB book.
About Team8 Capital
Team8 Capital is the investment arm of Team8 Group, focused on early-stage companies seeking seed and Series A and B funding rounds. We have a track record in backing future leaders and pioneering new-generation solutions to meet critical industry challenges. Team8 Capital offers a unique combination of deep domain expertise and decades of company-building and investing experience and is ready to provide our portfolio companies with a springboard to success.
Team8 is a venture group that builds and backs technology companies at the intersection of artificial intelligence, cybersecurity, data, fintech, enterprise software, and infrastructure. We rethink venture to provide entrepreneurs with an unfair advantage, accelerating success in an increasingly competitive landscape. Our deep understanding of the challenges faced by our industry and extensive network of global leaders uniquely positions us as the venture partner of choice. Team8's leadership team includes unicorn founders, bank and fintech CEOs, and former leaders of Unit 8200, Israel's elite military technology and intelligence agency. For further information, please visit www.team8.vc.
Vertex Ventures Israel is a leading early stage venture capital fund with over $1.2B under management. Over the years we invested in more than 100 companies, including Waze, CyberArk and SolarEdge and more recently Ownbackup, Innoviz, Axonius, Verbit, Trigo and others.
Vertex Israel is part of a global Vertex Ventures network of funds, operating in Silicon Valley, Israel, Southeast Asia, China and India with over $3B of committed capital. Learn more here.
Kevin Capon Goldszmidt
SOURCE Sayata Labs