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Asteya has raised $10.0M across 1 funding round.
Key people at Asteya.
Asteya has raised $10.0M in total across 1 funding round.
Based in Miami, Florida, Asteya is an insurtech company that operates as a digital insurance agency and managing general agent providing income protection and disability insurance. The platform targets self-employed individuals, gig economy workers, and entrepreneurs by offering a fully online application and underwriting process for securing simplified coverage policies. The company issues policies underwritten by IDU Inc, a coverholder at Lloyd's of London, and maintains a strategic partnership with Fidelity Life Insurance. Asteya has raised $10 million in initial seed funding from venture capital backers including IAG Firemark Ventures, MS&AD Ventures, and Outpost Ventures. Following its official launch out of stealth mode, the startup expanded its digital product portfolio to include term life insurance alternatives alongside its core disability offerings. Asteya was founded in 2021 by co-founders Hadi Radwan and Alex Fasquel.
Asteya is a Miami-based insurtech startup founded in 2020 that provides income insurance policies, focusing on disability coverage and earnings replacement to offer financial security for individuals unable to work due to illness or injury.[1][2][6] It targets underserved groups like gig economy workers and those aged 30-55, solving the problem of limited access to affordable, gender-neutral income protection—where traditional policies often charge women up to 50% more and leave 50 million U.S. working adults uncovered.[2][4] With $18.53M raised across seed ($5M) and Series A ($10M) rounds from investors including I2BF Ventures, Capital Factory, and angels like Whitney Wolfe Herd, Asteya enables instant online applications and monthly plans starting at $6, partnering with A-rated carriers like Munich Re.[1][2][4]
The company has shown growth momentum through its 2021 public launch, expansion to about 40 employees across three continents (12 in Miami), and new products like individual disability insurance in 2022, while pursuing additional capital as of 2023.[2][3]
Asteya was founded in 2020 in Miami, Florida, by leaders including Hadi Radwan (likely CEO, based on interviews) and Williamson (key spokesperson), amid rising demand for income protection in the gig economy and post-pandemic wellness challenges.[1][2][4] The name "Asteya," a Sanskrit word meaning "non-stealing," reflects their mission to counter perceptions of insurance as a promise without value, instead delivering immediate benefits like health content alongside policies.[4]
The idea emerged from stark realities: one in three people faces work incapacity before retirement, yet coverage gaps persist, especially for women and freelancers.[2][6] Early traction came via a B2B2C strategy, onboarding agencies for customer access, leading to a $10M Series A and public launch in 2021, with seed funding prior.[2][4][6] Pivotal moments include gender-neutral pricing, rapid online approvals (minutes vs. weeks), and partnerships like Haven Life in 2022.[2][3]
(Note: A separate entity, Asteya Global/Asteya Investment Managers, offers portfolio management for HNWIs but appears unrelated to this insurtech firm.[5])
Asteya rides the insurtech wave democratizing insurance via AI, data analytics, and digital platforms, amid gig economy growth (e.g., freelancers needing flexible protection) and post-pandemic awareness of wellness-income links.[1][2][3] Timing is ideal: rising disability risks (1-in-3 lifetime odds) meet 50M uncovered adults, fueled by market forces like remote work, gender equity demands, and insurtech funding boom.[2][6]
It influences the ecosystem by partnering with carriers (Munich Re, Lloyd’s) and platforms (Haven Life), onboarding agencies to scale B2B2C distribution, and competing with players like Traffk and iCover in algorithmic underwriting.[1][3] This pushes traditional insurers toward faster, fairer models, expanding income protection in a $100B+ U.S. disability market.
Asteya is poised to scale as an insurtech leader in income protection, with plans to grow sales, marketing, and tech teams using recent funds, while seeking new capital amid 2023 mentions.[2][3] Trends like AI-driven personalization, gig expansion, and wellness tech will shape its path, potentially through product diversification (e.g., life alliances) and global reach from its multi-continent team.[3]
Its influence may evolve by setting standards for inclusive, instant insurance, challenging legacy pricing and distribution—ultimately fulfilling its "non-stealing" ethos by truly safeguarding modern workers' financial futures, much like its launch transformed access for the underserved.[2][4][6]
Key people at Asteya.
Asteya has raised $10.0M across 1 funding round. Most recently, it raised $10.0M Series A in March 2021.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Mar 1, 2021 | $10M Series A | — | Freestyle Capital, LAUNCH, Serena Ventures, Techstars, LEV Ekster | Announced |
Asteya has raised $10.0M in total across 1 funding round.
Asteya's investors include Freestyle Capital, LAUNCH, Serena Ventures, Techstars, Lev Ekster.
