AI-powered InsurTech platform 1Fort, which focuses on streamlining commercial insurance processes for brokers and agents, has announced a $7.5m oversubscribed funding round.
The investment was led by Bonfire Ventures, with contributions from Draper Associates—founded by noted investor Tim Draper—alongside Karim Atiyeh, co-founder of Ramp.
Existing backers including Village Global, Operator Partners, 8-Bit Capital, Character VC and Company Ventures also participated in the round. The latest funding brings 1Fort’s total capital raised to $10m.
1Fort offers an AI-powered solution designed to help insurance brokers bind top-tier business insurance policies faster and more efficiently.
The platform automates several key workflows such as autofilling insurance applications, sourcing quotes from carriers, comparing coverage options, and integrating payments and financing tools.
Brokers leveraging 1Fort can save up to two hours per submission and potentially boost their policy bind rate by as much as 20%. The platform also includes risk management software to help businesses proactively prevent claims or losses.
The newly secured funds will support 1Fort’s plans to enhance its AI capabilities, recruit additional talent, and grow its network of partnerships with A-rated insurance carriers and leading brokerages.
The company also aims to build on its strong momentum, which includes a nearly 200% month-over-month revenue growth in 2024 and collaborations with carriers such as Arch, Tokio Marine HCC and Markel.
Brokers using the platform can quote directly through appointed markets or gain wholesale access to policies in areas like Cyber, Tech E&O, Professional and Management liability. 1Fort is currently licensed in all 50 U.S. states.
1Fort CEO Anthony Marshi said, “Our mission is to help every business obtain the financial protection they need to keep up with today’s fast-moving risks, and empowering insurance brokers with AI to automate their antiquated workflows is the way to achieving it. This investment will allow us to grow even faster by doubling down on our AI features and strengthening our broker and carrier partnerships. We’re grateful for our investors who share our vision in transforming business insurance.”
Vouch co-founder Travis Hedge added, “1Fort has been a great resource for our team, allowing us to move even faster and deliver great products for our clients.”
Jim Andelman, co-founder and managing director at Bonfire Ventures, said, “Building AI-powered, service-as-software solutions to modernize legacy workflows in the insurance vertical is one of today’s most exciting opportunities. 1Fort has already built impressive momentum and is poised to revolutionise this trillion-dollar market.”
1Fort previously raised $2.5m in funding before this latest round, bringing its total to $10m.
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