TLDR:
Authentic Insurance Services Inc. has raised $11 million in funding with the help of various investors, including FirstMark Capital LLC. Their “captive-in-a-box” platform allows for quick establishment of captive programs for small businesses. The program is supported by Authentic’s Montana-domiciled series captive insurer Authentic Insurance Co. LLC. They offer policies to Main Street businesses and are working on providing workers’ compensation coverage.
Article:
Authentic Insurance Services Inc. announced that they have successfully raised $11 million in a Series A financing round, with FirstMark Capital LLC leading the investment. The company’s unique “captive-in-a-box” platform enables software companies, associations, and franchises to quickly establish captive programs for their small business members. This program is backed by Authentic’s Montana-domiciled series captive insurer Authentic Insurance Co. LLC.
Authentic focuses on offering business owners policies to gyms, salons, and other Main Street businesses that have less than $5 million in annual revenue. They are also working on expanding their offerings to include workers’ compensation coverage. The policies provided by Authentic are fronted by Everspan Insurance Co., a unit of Ambac Financial Group Inc.
In addition to FirstMark Capital LLC, other investors who participated in the funding round include Slow Ventures LLC, Altai Ventures, MGV Capital LLC, Upper90, and Commerce Ventures. This funding will help Authentic expand their services and reach a larger market of small businesses in need of insurance coverage.
This successful funding round solidifies Authentic Insurance Services Inc.’s position in the market as a key player in providing innovative insurance solutions to small businesses. Their focus on offering captive programs through a user-friendly platform highlights their commitment to addressing the specific needs of small business owners, particularly in the Main Street sector.
