Authentic raises $11m in capital raise
Authentic, which offers a ‘captive-in-a-box’ insurance platform that enables smaller organisations to use captive insurance, has raised an $11 million Series A round.
The capital raising was led by FirstMark Capital with participation from Slow Ventures, Altai Ventures, MGV, Upper90, and Commerce Ventures.
“The way commercial insurance is bought and sold has largely remained unchanged since it first came into existence over 50 years ago,” said Adam Nelson, Partner at Firstmark Capital. “Authentic is the first company to virtually eliminate the need for traditional carriers. With a platform approach that enables partners to roll out their own new insurance offerings, it's been incredible to watch as millions of businesses instantly gain access to a better insurance model on day one.”
With its latest funding, Authentic said that it is growing its customer base and headcount in 2024 and beyond. It also plans to add new offerings to its product suite such as workers compensation, health insurance products, and benefits.
“We have a very big goal of changing how and where insurance is purchased, and more importantly, giving power and economics back to the people,” the company said. “To our partners and investors, thank you for the support you’ve given. This is a tremendous undertaking and it wouldn’t be possible without you.”
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