The insurtech raised $6.5m as part of its seed funding round. Credit: Nattanan Kanchanaprat from Pixabay.

Insurtech startup Sayata has raised $17m in Series A funding round to foray into new lines of insurance for small and medium businesses.

The round was co-led by Team8 Capital and Vertex Ventures, who were joined by existing investors Elron, Kamet, and OurCrowd.

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Sayata’s marketplace for insurance brokers and carriers seeks to streamline the quote-bind-issue process, which allows insurance professionals to place more policies.

The insurtech stated that over 1000 users across 75 brokerages and carriers have partnered with it and claims to have doubled its gross written premium every quarter.

Sayata CEO Asaf Lifshitz said: “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 “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.”

Vertex Ventures general partner Aviad Ariel said: “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.”

The insurtech was formerly known as Sayata Labs, which raised $6.5m in a seed funding round in March 2019.  

Sayata is headquartered in Boston but its technology was developed in Tel Aviv, Israel.