Cork company on track to enable $1bn in commercial insurance transactions by 2031
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Pictured: Peter Bermingham and Paul Prendergast, Kayna
Insurance infrastructure platform Kayna has closed a €1.5 million seed funding round led by pre-seed investor Delta Partners, MiddleGame Ventures and Aperture, and three new investors in Leo Capital, Enterprise Ireland and Digital Irish. The company now plans to move ahead with major market development plans for the United Kingdom and United States.
Kayna helps business software companies add insurance to their platforms in a simple, seamless way. Its Vertical SaaS (VSaaS) platforms are built for specific types of small businesses, such as franchise networks, restaurants, construction firms and field service companies, to support the day-to-day operations. Kayna provides the AI policy analysis tool that uncovers insurance gaps together with the orchestration technology that enables VSaaS platforms to access multiple insurance carriers and brokers, making it possible for small businesses to close their risk exposure, gain data-led quotes and fully tailored insurance cover directly through the platform they use every day.
The global vertical SaaS market consists of specialised software platforms built for specific industries and used by millions of businesses around the world. Embedded insurance is forecast to account for 16% of the global insurance market, worth $1.5 trillion within a decade.
Paul Prendergast, CEO and co-founder of Kayna, said: “All of the essential elements are now in place, allowing us to scale effectively in our key markets. We are immensely gratified with the ongoing commitment of our long-term investors backing us in this latest funding round and equally delighted to have secured new investors that add to the breadth of expertise with proven playbooks and dynamic international networks that we can tap into.
“With our global brokerage partner, a growing VSaaS client base and skilled Kayna team on board in Ireland and the USA, we’re ready to grow and aim to enable $1 billion in commercial insurance transactions across the next five years.”
Kayna was launched in 2021 by Prendergast and CTO Peter Bermingham who have scaled multiple insurtech businesses during their partnership of more than two decades. Kayna’s 2023 pre-seed funding round raised €1 million.
TechCentral Reporters