London insurtech startup Diesta raises $2m seed round

Diesta, a new insurtech startup that helps insurance companies streamline payments, has raised a $2m seed round.

Restive led the funding round which also saw other VCs such SixThirty and Antler take part.

Within the insurance industry, there is a $32bn addressable market through the streamlining of payments processing, according to Diesta. 

Founded by Christopher Davis and Julian Schoemig Diesta’s platform streamlines this process through a central engine that will reduce costs for insurance and broking companies by 75 per cent. 

Davis, originally from South African is an expert in IT security and databases and formerly worked at Discovery Bank while Schoemig, originally from Germany, worked for Munich Re.

“With Diesta, we are addressing a problem which I experienced first hand and thousands of insurance entities continue to face on a daily basis. This is an example of a legacy industry practice that is costing insurance companies millions every year,” Julian Schoemig, Co-Founder of Diesta said.

“Our platform provides a solution which directly addresses this challenge, while setting the foundation for a transformative shift in insurance industries in Europe and around the world,” he added. 

The funding will be used to further product development and build scalability to allow it to onboard brokers, MGAs, insurers, and potentially reinsurers.

“The success of British fintech startups has become the stuff of legend in tech ecosystems around the world and I have every confidence that insurtech will be the next chapter of that growth story,” Ollie Purdue, Partner at Antler, said.

“Diesta is at the forefront of a new generation of insurtech talent emerging in London and they have the potential to become one of the most important players in this space. We are delighted to have supported Diesta from day zero of their growth journey and have every confidence in the future growth of this team,” he added.