Sataya, a leading US-based insurance broker and carrier marketplace, has raised $17mn in its latest funding round to drive the insurtech’s expansion strategy.
The round, which will also be used to increase Sataya’s insurance line offerings, was led by Team8 Capital and Vertex Ventures, who joined original investors Elron, Kamet, and OurCrowd.
Currently, Sayata offers swift growth to insurance carriers and brokers that specialise in SME cover. The platform provides a streamlined quote-bind-issue process, enabling insurance executives to easily place more insurance policies in less time.
The insurtech also offers an end-to-end technological solution along with educational tools, giving its partners the ability to grow their book quickly and efficiently.
Sataya growth trajectory
According to reports, the insurtech, which launched in 2017, has experienced steady and compelling growth, doubling its gross written premiums every quarter. To date, over 1,000 users across 75 brokerages and carriers partner with Sayata to grow their SMB book.
Speaking about the latest funding round, Asaf Lifshitz, CEO of Sayata explained, “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.”
He continued, “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 also spoke about the investment - and Sataya’s potential in the marketplace. He said, "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.
She added, “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."