Income Insurance Startup Asteya Launches With $10 Million in Funding

Asteya's vision is to reimagine disability insurance, starting with flexible support and plans for individuals like gig economy workers

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Asteya

Mar 18, 2021, 07:00 ET

MIAMI, March 18, 2021 /PRNewswire/ -- Asteya, an income insurance startup whose mission is to provide financial health and wellbeing by transforming the disability insurance space, today announced its launch and disclosed fundraising of $10 million. Investors include I2BF Ventures, Capital Factory, Cap Meridian Ventures, Northstar Ventures, Atrum, as well as angel investors Whitney Wolfe Herd and Geeta Sankappanavar.

Asteya™ was founded by CEO Alex Williamson, the former Chief Brand Officer at Bumble and Hadi Radwan, Chief Product Officer. The Company is working with A-rated carriers including Munich Re and certain underwriters at Lloyd's.

"We're thrilled to announce our public launch to begin to help make income protection accessible for all," Williamson said. "For so many of us, our income and wellness are intertwined—and yet there are not enough solutions for when the unexpected happens. Asteya is designed to empower people for the way we work and live today."

Historically disability insurance has typically protected workers against unforeseen gaps in income, related to health problems, injuries, or even childbirth. Such programs are often supplied by employers, but coverage can be uneven, and as the way we work continues to evolve — with an increasing number of Americans self-employed or classified as 1099 workers — the disability insurance market has not evolved with them. 1 out of 3 people will be unable to work due to wellness complications at some point before retiring, yet 50 million working adults do not have income protection.

Asteya's solutions are purpose-built to help give people peace of mind — and real support — through the unanticipated circumstances that have increasingly become facts of life. Asteya's applications are completely online and users may get coverage within minutes rather than days and weeks. The Company's first offering is geared toward individuals such as gig economy workers, who can take protecting their income into their own hands with monthly plans, similar to the structure embraced by life insurance. Asteya's goal is to make shopping for income insurance quick, convenient and affordable.

"Asteya's approach delivers flexibility in protecting income, which for us likewise means creating a seamless user experience, improving speed to decision, and emphasizing affordability as our top priorities," Radwan said. "Our goal is to make Asteya plans accessible to as many people who need them as possible."

About Asteya

Asteya is an income insurance startup whose mission is to transform the disability insurance industry by democratizing access to income protection. Asteya's goal is to support people's financial, physical, and mental health so they can focus on living. Asteya was founded in 2018 and is backed by I2BF Ventures, Capital Factory, Cap Meridian Ventures, Northstar Ventures, Atrum, as well as angel investors Whitney Wolfe Herd and Geeta Sankappanavar.

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SOURCE Asteya