Embedded insurance platform Kayna has raised €1.5m ($1.7m) in a seed funding round to support expansion in the UK and US markets.
The round was led by Delta Partners, with participation from existing investors MiddleGame Ventures and Aperture. New investors Leo Capital, Enterprise Ireland and Digital Irish also joined the funding round.
Kayna develops infrastructure that allows vertical SaaS (VSaaS) platforms to embed insurance directly into their software products used by small businesses.
The platform provides AI-powered policy analysis tools designed to identify coverage gaps while connecting software platforms to multiple insurers and brokers.
This allows businesses to access quotes and tailored insurance coverage through the operational software they already use.
Vertical SaaS platforms typically serve specific industries such as franchise networks, restaurants, construction companies and field service providers.
Kayna said embedded insurance is expected to represent 16% of the global insurance market, equivalent to around $1.5tn in value, within the next 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 US$1 billion in commercial insurance transactions across the next five years.”
Founded in 2021 by CEO Paul Prendergast and CTO Peter Bermingham, Kayna focuses on enabling insurance distribution through business software platforms.
The company previously raised €1m ($1.2m) in a pre-seed funding round in 2023.
During that phase, Kayna secured a partnership with global broker Willis Towers Watson, launched embedded insurance programmes in the UK and US and developed an AI toolkit for insurance policy analysis.
The company also established its corporate headquarters at Penrose Wharf in Cork’s Victorian Quarter.
Embedded programmes have already been deployed across several sectors including cyber, equine and physical security.
One of the latest launches took place in February 2026 with Belfry, a US-based platform built for the physical security industry.
Kayna also completed its initial recruitment phase, committing to create 13 roles over two years while hiring senior leadership and specialist talent across Ireland and the US.
Maurice Roche, General Partner at Delta Partners, said, “Kayna has achieved each strategic goal to date and is now ready to scale. 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.”
Kanishk Walia, Partner at MiddleGame Ventures, said, “Kayna delivers the missing infrastructure and AI policy analysis that surfaces real insurance coverage gaps for small businesses. It successfully enables vertical SaaS platforms to turn day-to-day operational, commercial and financial data into automated, bindable, commercial insurance. We’re excited to back the team again as they scale this innovative low-code integration model across more verticals and push to fulfil their ambition in the UK and US markets.”
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