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Fremont, CA: A slew of accelerating technological trends are poised to alter the very nature of insurance.
Sayata, the leading marketplace for insurance brokers and carriers to easily scale their business insurance portfolios, has added $35M to the previous $17M raised just five months ago, for a total A round of $52M. Pitango Growth and Hanaco Ventures led the additional round, with active participation from previous investors Vertex Ventures, Team8 Capital, Elron Ventures, and OurCrowd.
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Sayata's proprietary technology streamlines the time-consuming process of locating and obtaining business insurance. Brokers are relieved of the time-consuming manual tasks of searching for quotes, shuffling applications, and corresponding with insurance providers to finalize coverage. Brokers now enter a few pieces of information, and the software platform returns multiple insurance quotes tailored to the client's needs in seconds. Once a quote is selected, brokers co-process on the platform, securing coverage in a fraction of the time and allowing them to focus their efforts on strengthening current customer relationships and expanding their client base.
The Sayata platform debuted nearly two years ago, allowing brokers to easily find and secure cyber insurance for small and medium-sized businesses. The automated platform proved effective in securing coverage for SMBs regardless of market conditions, whether it's a "soft market" where insurance is easy to find and relatively inexpensive, or today's "hard market" where cyber premiums are rising and coverage is more difficult to find due to the prevalence of ransomware.
The funds will be used to accelerate the addition of new business insurance lines, ensuring that brokers can always easily and quickly find any business coverage for their SMB clients, regardless of market conditions.
"It's rewarding to know that Sayata is helping brokers efficiently find relevant, cost-effective coverage options for their SMB clients. Their success is reflected in the more than 10X growth we've experienced in 2021," stated 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."
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