Irish insurtech Kayna has raised €1.5 mn in seed funding to support expansion in the UK and the US. The round gives the company more resources as it pushes deeper into embedded commercial insurance.
Kayna helps business software companies add insurance directly into their platforms through a simpler workflow.
Its model targets vertical SaaS platforms built for specific small business categories, including franchise networks, restaurants, construction companies, and field service operators. These platforms already run everyday operations for their users, which gives Kayna a practical path into insurance distribution.
Led by original pre-seed investor Delta Partners (Ireland) with ongoing support from MiddleGame Ventures (pan-European) and from Aperture (Switzerland), the company welcomes three new investors in this latest round with Leo Capital (Finland and Singapore), Enterprise Ireland and Digital Irish coming on board as the company moves ahead with major market development plans for the United Kingdom and United States.
The company provides an AI-driven policy analysis tool that identifies insurance gaps for small businesses. It also supplies orchestration technology that connects vertical SaaS platforms with multiple insurers and brokers.
That setup allows small businesses to close coverage gaps, receive data-led quotes, and secure tailored insurance inside the software they already use.
The market opportunity is large and getting bigger. The global vertical SaaS market includes specialized platforms used by millions of businesses across industries.
Embedded insurance is projected to account for 16% of the global insurance market within a decade, representing a market worth $1.5 tn.
Chief executive and co-founder Paul Prendergast said the company now has the basic pieces in place to scale in its priority markets. He said long-term investors continued to support the business in this round, while new investors added experience, tested playbooks, and international networks that Kayna plans to use as it grows.
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.
Paul Prendergast, CEO and co-founder of Kayna
Prendergast also said Kayna now has a global brokerage partner, an expanding vertical SaaS client base, and a team in Ireland and the US that is ready for the next stage.
“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 bn in commercial insurance transactions across the next five years,” Paul Prendergast says.
Kayna launched in 2021 under Prendergast and chief technology officer Peter Bermingham. The two founders have worked together for more than 20 years and have already scaled multiple insurtech businesses. Kayna’s pre-seed round in 2023 raised €1 mn.
The company hit several milestones during that pre-seed phase. It secured a partnership with Willis Towers Watson. It launched live programs in the UK and the US, supporting embedded commercial insurance across sectors such as cyber, equine, and security.
Its latest launch came in February 2026 with Belfry, a US-based platform built for the physical security industry.
Kayna also developed and launched an AI toolkit for insurance policy analysis. It established corporate headquarters at Penrose Wharf in Cork’s Victorian Quarter.
It completed the first stage of hiring after committing to create 13 new roles over two years. The company also added senior leaders and filled skilled positions in both Ireland and the US.
Maurice Roche, general partner at Delta Partners, said Kayna has met each strategic target so far and is now ready to scale. He said the company is creating new revenue opportunities for software platforms, improving access to data-led insurance for small businesses, and changing how insurance products reach customers.
We’re proud of the solid, productive relationship we have built together supporting Kayna as it delivers new revenue streams for platforms, data-led insurance for small businesses and a step-change in insurance product distribution.
Maurice Roche, General Partner at Delta Partners
Kanishk Walia, partner at MiddleGame Ventures, said Kayna provides missing infrastructure along with AI policy analysis that exposes real coverage gaps for small businesses. He said the platform allows vertical SaaS companies to turn day-to-day operating, commercial, and financial data into automated and bindable commercial insurance.
According to Beinsure analysts, that kind of low-code embedded model is gaining traction because it shortens distribution paths and keeps insurance closer to operating data.
