FirstMark Capital LLC, a venture capital firm based in New York, has led a notable financing round for Authentic Insurance Services Inc. in raising $11 million in Series A funding. This funding marks a crucial moment for Authentic as it continues to change the insurance industry with its innovative approach.
Authentic’s unique “captive-in-a-box” platform makes it easier for software companies, associations, and franchises to create custom insurance programs for their small business members. At the core of these programs is Authentic’s captive insurance arm, Authentic Insurance Co. LLC, based in Montana. This arm specializes in offering essential coverage like workers’ compensation and business owner policies to Main Street businesses such as hair salons and gyms with annual sales under $5 million. Underwriting for these policies is managed by Everspan Insurance Co., an affiliate of Ambac Financial Group, Inc.
The Series A financing round attracted significant interest from investors like Slow Ventures LLC, Altai Ventures, MGV Capital LLC, Upper90, and Commerce Ventures. Under the leadership of Founder & CEO Cole Riccardi, Authentic is transforming the insurance landscape by empowering associations, SaaS platforms, and other groups to create their captive insurance policies. Through its technology-driven platform, Authentic simplifies captive insurance while extending its benefits to small businesses and individuals.
With this new funding, Authentic plans to expand its customer base and team, with a focus on growth beyond 2024. Additionally, Authentic aims to introduce new products like benefits, health insurance, and workers’ compensation solutions.
A company representative expressed gratitude to investors and partners, emphasizing Authentic’s goal of making insurance more accessible and changing how insurance is bought. With continued support, Authentic is committed to making a positive impact and helping individuals and communities with innovative insurance solutions.