1Fort, an AI platform for business insurance, has raised $7.5mn in an oversubscribed funding round led by Bonfire Ventures. This brings 1Fort’s total funding to $10mn.
Other investors include Draper Associates (Tim Draper), Karim Atiyeh (founder of Ramp), and existing backers Village Global, Operator Partners, 8-Bit Capital, Character VC, and Company Ventures.
1Fort develops AI-driven tools to automate business insurance processes for brokers. Hundreds of independent insurance brokers use the platform to save time and improve revenue when placing business insurance.
Insurance brokers and agents rely on manual, time-intensive processes when servicing businesses. Despite 70% of businesses depending on brokers for coverage, 75% remain underinsured.
This gap leaves nearly 24mn businesses vulnerable as risks increase due to technological advancements such as cyber attacks and supply chain issues.
1Fort addresses these inefficiencies by enabling brokers to secure more insurance policies faster using AI.
The platform automates broker workflows, including pre-filling insurance applications, retrieving quotes from carriers, comparing coverage options, and integrating payment and financing features.
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
Anthony Marshi, 1Fort Co-Founder and CEO
“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,” said Anthony Marshi.
Brokers using 1Fort save up to two hours per submission and improve their bind rate by up to 20%.
The platform also supports client retention through risk management software, which helps businesses manage policies and reduce the likelihood of claims or losses.
In 2024, 1Fort reported revenue growth of nearly 200% month-over-month. The company has established partnerships with over a dozen major brokerages and A-rated carriers, including Arch, Tokio Marine HCC, and Markel.
The new funding will support further AI development, hiring, and expansion of broker and carrier partnerships.
Travis Hedge, Co-Founder of Vouch, a VC-backed broker for startups, added, “1Fort has enabled our team to operate more efficiently and deliver better products for clients.”
Building AI-driven service-as-software solutions to modernize legacy insurance workflows presents a significant opportunity. 1Fort has already shown strong momentum and is well-positioned to reshape this trillion-dollar sector.
Jim Andelman, Co-Founder and Managing Director at Bonfire Ventures
Brokers using 1Fort can quote policies directly within their appointed markets or gain wholesale access to Cyber, Tech E&O, Professional, and Management liability insurance. 1Fort holds licenses across all 50 states and partners with more than a dozen A-rated carriers.
