Kayna aims to revolutionise small business insurance following €1m funding round
Insurance infrastructure platform Kayna has closed a €1 million pre-seed funding round. Co-led by Delta Partners (Ireland) and MiddleGame Ventures (pan-European) with participation from Aperture (Switzerland) and InsurTech Fund – an affiliate of InsurTech NY (USA), the funding comes as the company accelerates market development efforts into the United Kingdom and United States.
Providing technology and data orchestration between insurance carriers, brokers, and any vertical software-as-a-service (SaaS) platform, Kayna drives top-line growth for vertical SaaS providers while providing relevant insurance to underserved SMBs. The global vertical SaaS market serves millions of businesses and consumers, each with a diverse set of needs. Embedded insurance is forecast to reach $722 billion in gross written premium by 2030, according to InsTech London.
A key feature that makes Kayna’s platform ideal for embedded insurance distribution to dynamic SMBs is its tracking of relevant data changes. The platform enables insurers and brokers to conduct real-time reviews of insurance coverage and adapt policies to meet SMBs’ insurance needs.
Paul Prendergast, CEO and co-founder of Kayna, said: “Vertical SaaS has already embraced embedded fintech through payments and capital lending. Embedded insurance is the logical next step, offering transformative advantages for vertical SaaS platforms, enabling them to enhance the customer experience, expand revenue streams, mitigate risks and differentiate themselves in the market, whilst delivering real value to their SMB customers. This funding is already powering our new business development and partner onboarding in the UK and US markets so we have hit the ground running and are hugely excited by the potential.”
“We are excited to be supporting Paul and Peter on this journey as second-time insurtech founders, with a successful exit under their belt and a wealth of expertise and contacts in the insurance profession,” said Kanishk Walia, MiddleGame Ventures Partner. “SMBs continue to be underserved and underinsured by traditional insurance offerings and we believe Kayna is well positioned to change this by opening up access to data sets siloed within vertical SaaS platforms, generating incremental revenue streams for these vendors while creating enhanced distribution opportunities for brokers and carriers.”
Kayna was launched in 2021 by Paul Prendergast and CTO Peter Bermingham, who have scaled multiple insurtech businesses during their 19-year partnership.
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