TLDR:
- Authentic Insurance Services Inc. secured $11 million in Series A financing led by FirstMark Capital LLC.
- Authentic aims to empower associations, SaaS platforms, and other groups to design their own captive insurance policies through their “captive-in-a-box” platform.
A New York-based venture capital firm, FirstMark Capital LLC, recently led a $11 million Series A financing round for Authentic Insurance Services Inc. The company offers a “captive-in-a-box” platform that allows software companies, associations, and franchises to create captive programmes for small business members. Authentic’s captive insurer, Authentic Insurance Co. LLC, based in Montana, supports the programme by providing workers’ compensation coverage and business owner policies to Main Street establishments. The financing round included Slow Ventures LLC, Altai Ventures, MGV Capital LLC, Upper90, and Commerce Ventures. Under the leadership of founder and CEO Cole Riccardi, Authentic plans to expand its product line to include benefits, health insurance products, and worker compensation. The goal is to empower organizations and individuals with the advantages of captive insurance while simplifying its complexity. The company aims to increase its clientele and workforce by 2024 and beyond with the support of investors and partners.
