Diesta, a new insurtech startup, has successfully raised a $2 million seed round to revolutionize the way insurance companies handle payments. Led by Restive, the funding round also attracted investments from VCs such as SixThirty and Antler.
The Market Potential
Diesta estimates that within the insurance industry, there is a $32 billion addressable market for streamlining payments processing. By leveraging their innovative platform, Diesta aims to reduce costs for insurance and broking companies by a significant 75%.
Diesta was founded by Christopher Davis and Julian Schoemig. Davis, an expert in IT security and databases, previously worked at Discovery Bank. Schoemig, who hails from Germany, brings his experience from Munich Re to the table.
A Solution for a Common Problem
According to Julian Schoemig, the co-founder of Diesta, their platform directly addresses a problem that many insurance entities face daily, resulting in millions of dollars lost each year. By streamlining the payment process, Diesta aims to solve this challenging issue and pave the way for a transformative shift in the insurance industry on a global scale.
The funds raised will be utilized to further develop Diesta’s product and enhance scalability. This will enable the onboarding of brokers, MGAs, insurers, and potentially reinsurers. Ollie Purdue, Partner at Antler, expressed confidence in the growth potential of insurtech startups, stating that Diesta has the potential to become one of the key players in the industry.
Diesta’s successful seed round funding will propel the company forward in their mission to streamline insurance payments. With their innovative platform and focus on cost reduction, Diesta aims to revolutionize the insurance industry and become a driving force for change.