insurance technology company Sayata announced today the raising of $ 35 million

Insurancetech (insurance technology) companies have not been satisfied in the past year. One after another, the shares of promising companies (for example, Lemonade and Hippo) collapsed and the field seems to be losing its luster. Today, one of the Israeli companies operating in the field manages to prove that it is still alive and kicking: the insurertech company Sayata announced today the raising of $ 35 million, as part of the expansion of Round A.
The current round comes five months after the first part of the round, which stood at $ 17 million, and a significant increase in value compared to the previous round. "The company decided to call the new round an extension of the previous one and not round B, with the intention that round B when it arrives will be more significant," explains the company's CEO Assaf Lifshitz.
The new round brings the round to a total of $ 52 million. It was led by the Israeli funds Pitango Growth and Hanaco Ventures, and was attended by previous investors Team8 Capital, Vertex Ventures, Elron Ventures, and OurCrowd. The company completed the raising at the end of 2021, with a scandalous fundraising of several million dollars.
The technology developed by the faction automates the process of searching for and purchasing business insurance, thus eliminating the need for insurance agents to engage in manual tasks of requesting quotes, filling out forms, etc., and saving prolonged correspondence with insurance companies until the transaction closes. Agents only need to enter a few details and within seconds the software platform provides them with a number of insurance quotes tailored to the customer's needs. Once the agent selects a particular quote, he completes the entire process within the platform and makes the purchase in a fraction of the time that would normally be required. Thus, agents can devote their efforts to deepening their relationships with existing customers and expanding their customer base.
The company's platform was launched nearly two years ago and it mainly caters to the cyber insurance market for small and medium businesses. It has proven its necessity for agents in a variety of areas - whether it is a market where insurance is easy to find and there is tough competition between insurance companies on terms and price, or whether it is a market today where cyber insurance premiums rise and it is harder to find suitable policies - due in part Of ransomware.
The company has an office in Israel and an office in the United States, where it employs about 40 people, to whom eight more will soon join. The company intends to increase its workforce by about 50% by 2022.
Lifshitz is well aware of the market situation in which he operates. "I'm not an analyst who knows what story is causing the decline in the value of traded inshortech companies," he says. "They arose to compete with existing insurance companies while we work with new generation companies and also with traditional insurance companies. Although we are both in the same industry, which is huge and has many players, but each of the collapsed companies operates in a different field. Some investors follow trends and some look "To the substance of the matter. Nothing has changed with us. True, investors who listen to the negative buzz will not want to invest - and I do not want them either."
Dacranta faction: Inshortech startup Sayata raises $ 35 million
Pitango Growth and Hanaco Ventures led the recruitment round for the Israeli company that developed a platform that eliminates the need for insurance agents to engage in abrasive manual tasks. In total, along with the first part of the round, the faction raised 52 million
Inshortech (insurance technology) companies have not been satisfied in the past year. One after another, the shares of promising companies (for example, Lemonade and Hippo) collapsed and the field seems to be losing its luster. Today, one of the Israeli companies operating in the field manages to prove that it is still alive and kicking: the inshortech company Sayata announced today the raising of $ 35 million, as part of the expansion of Round A.
The current round comes five months after the first part of the round, which stood at $ 17 million, and a significant increase in value compared to the previous round. "The company decided to call the new round an extension of the previous one and not round B, with the intention that round B when it arrives will be more significant," explains the company's CEO Assaf Lifshitz.