1Fort, the AI platform for business insurance, announced it raised $7.5 million in an oversubscribed funding round led by Bonfire Ventures.
The round also included Draper Associates (Tim Draper); Karim Atiyeh, the founder of Ramp; and participation from all existing VCs: Village Global, Operator Partners, 8-Bit Capital, Character VC and Company Ventures. This latest round brings the 1Fort total funding to $10 million.
A large majority of businesses still rely on insurance brokers and agents for coverage but the process is manual and time consuming, and many businesses remain underinsured. 1Fort looks to empower brokers to bind more top-tier insurance policies for businesses faster using artificial intelligence.
The funding will allow 1Fort to continue to improve the broker experience through AI innovations and talent acquisition and further expand partnerships with carriers and brokers, the insurtech said.
The platform leverages AI to automate various broker workflows, including auto-filling insurance applications, retrieving quotes from carriers, comparing coverages, and integrating payment and financing options. 1Fort, licensed in all 50 states, said brokers who use the platform save an average of up to two hours per submission and increase their bind rate by up to 20%.
1Fort also has complementary risk management software to help businesses manage policies and proactively prevent claims or losses.
1Fort said it grew revenue nearly 200% month-over-month in 2024, and has already partnered with more than a dozen leading brokerages and A-rated carriers, including Arch, Tokio Marine HCC and Markel. Brokers can quote directly for their appointed markets or receive wholesale access to cyber, tech E&O, professional, and management liability insurance.
“Building AI-powered, service-as-software solutions to modernize legacy workflows in the insurance vertical is one of today’s most exciting opportunities,” said Jim Andelman, Bonfire Ventures co-founder and managing director. “1Fort has already built impressive momentum and is poised to revolutionize this trillion-dollar market.”
Topics Agencies InsurTech Data Driven Artificial Intelligence Tech