Irish InsurTech Kanya Closes €1M Pre-Seed Funding Round

The funding for the embedded insurance infrastructure platform for SMB insurance comes as the company accelerates market development efforts in the U.K. and U.S.

(Image credit: Jason Murphy/Unsplash.)

Kayna (Cork, Ireland) an embedded insurance infrastructure platform, has closed a €1 million pre-seed funding round. Co-led by Delta Partners (Dublin) and MiddleGame Ventures (Luxembourg) with participation from Aperture (Geneva) and InsurTech Fund, an affiliate of InsurTech NY (USA), the funding comes as the company accelerates market development efforts into the U.K. and U.S.

Paul Prendergast, Co-Founder and CEO, Kayna.

Providing technology and data orchestration between insurance carriers, brokers, and any vertical software-as-a-service (SaaS) platform, Kayna is designed to drive top-line growth for vertical SaaS providers while providing relevant insurance to underserved SMB, according to a statement from the company. The global vertical SaaS market serves millions of businesses and consumers, each with a diverse set of needs. Embedded insurance is forecast to reach US$722 billion in gross written premium by 2030, according to InsTech London.

The Kayna statement says what makes its 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.

“We are delighted to have secured the support of such expert, innovative, and highly collaborative investors,” comments Paul Prendergast, co-founder and CEO, Kayna. “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 U.K. and U.S. markets so we have hit the ground running and are hugely excited by the potential.”

Significant Global Market Opportunity

Maurice Roche, General Partner, Delta Partners.

“Kayna ticked all the boxes for us,” says Maurice Roche, General Partner, Delta Partners. “The team are proven, successful InsurTech innovators and the Kayna solution is outstanding. As a versatile solution, top among its many strengths are its capacity to (a) use a platform’s data to boost revenue and render it even more valuable, (b) offer SMBs accurate insurance with a supported claims process, saving them time and money, and (c) unlock new distribution channels for insurance carriers. It’s a winner on every level. We see a significant global market opportunity and look forward to the next steps.”

“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,” comments Kanishk Walia, Partner, MiddleGame Ventures. “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—who was co-founder and CEO of Blink—and CTO Peter Bermingham. The entrepreneurs have scaled multiple InsurTech businesses during their 19-year partnership.

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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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