EasySend Raises Additional $11M for Insurance/Financial Services No-Code Platform

The series A round brings the company’s total capital raised to $16 million after a $5 million seed round from existing investors Vertex Ventures and Menora Insurance.

(Image source: EasySend homepage.)

EasySend (Tel Aviv), a no-code, AI-powered platform created to transform manual processes into digital journeys, has announced it has completed an $11 million Series A round led by Hanaco (Tel Aviv/New York) with participation from Intel Capital (Santa Clara, Calif.). The investment follows a previously undisclosed $5 million seed round from existing investors Vertex Ventures and Menora Insurance, both of Tel Aviv. The new funding round will enable the company to double its current staff across its offices, optimize its product development and expand its customer base in the U.S., Europe, and Asia, according to an EasySend statement.

Tal Daskal, co-founder and CEO, EasySend.

EasySend aims to address the challenges of highly regulated industries such as insurance, banking, and other financial services companies which still rely heavily on manual, paper-based forms for sales processes and customer interactions including claims, policy issuance, customer onboarding, document submission, and remote servicing. EasySend says its no-code platform converts those processes into digital journeys that can be built, analyzed, and optimized by non-technical staff without any coding via a simple drag and drop interface. This frees up IT teams from day-to-day maintenance issues and empowers employees across the enterprise to deliver new digital products in as little as a few days with a focus on an outstanding digital customer service experience, the company says.

EasySend notes that raised its Series A round amidst the recent coronavirus outbreak, which it characterizes as a turbulent time during which it has become clear to enterprises that “business as usual” is no longer sustainable in terms of customer experience. “Now more than ever, financial services and insurance companies are searching for ways to digitize their operations rapidly and effectively to meet the growing demand for digitization from their customers,” a company statement says.

Alon Lifshitz, Founding Partner, Hanaco.

“The world is changing. COVID-19 forced traditional enterprises to embrace digital transformation and digital culture at a pace and scale never seen before,” comments Tal Daskal, co-founder and CEO, EasySend. “Our no-code platform is uniquely positioned to make this digital transition easier for enterprises from a wide range of industries—especially insurance and financial services – enabling them to create new digital products efficiently and effectively while boosting and creating digital opportunities which not only save on development and maintenance costs, but also drive revenue growth.”

Building a Digital Future

“Hanaco is firmly invested in building a digital future. By bridging the gap between manual processes and digitization, EasySend is making this not only possible, but also easy, affordable, and practical,” comments Alon Lifshitz, founding partner, Hanaco.

Nick Washburn, Senior Managing Director, Intel Capital.

“Intel Capital chose to invest in EasySend because of its intelligent and impactful approach to accelerating digital transformation to improve customer experiences,” comments Nick Washburn, senior managing director, Intel Capital. “EasySend’s no-code platform utilizes AI to digitize thousands of forms quickly and easily, reducing development time from months to days, and transforming customer journeys that have been paper-based, inefficient and frustrating. In today’s world, this is more critical than ever before.”

“The last few months have demonstrated the need to go digital,” comments Yanai Oron, general partner at Vertex Ventures, who invested in the company’s seed round. “And as a result, the demand EasySend was experiencing for its solution became even higher.”

EasySend reports that it works with financial institutions in the U.S.A., Israel, and Europe, including top insurance companies such as Petplan (Newtown Square, Pa.) and R+V Versicherung (Frankfurt).

With its announcement of the latest funding roujnd, EasySend also named two new appointments to its board of directors, Alon Lifshitz, founding partner, Hanaco, and Roi Bar-Kat, investment director, Intel Capital.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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