1Fort, an AI platform targeting the business insurance sector, has secured $7.5m in a latest funding round, bringing its total funding to $10m.
The new round, led by Bonfire Ventures, was oversubscribed and included contributions from Draper Associates, Ramp founder Karim Atiyeh, and all existing venture capital firms.
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The investment will be used to enhance the AI capabilities of 1Fort’s platform, which automates insurance brokerage workflows.
This includes auto filling applications, retrieving and comparing quotes from carriers, and integrating payment solutions.
The company claims that brokers using 1Fort have reported efficiency improvements, with time savings of up to two hours per submission and a bind rate increase of up to 20%.
The platform also offers risk management software to help businesses manage policies and mitigate potential claims or losses.
Licenced in 50 US states, 1Fort’s revenue grew by nearly 200% month-over-month in 2024, the company release said.
The company has formed partnerships with more than a dozen brokerages and carriers, including Arch, Tokio Marine HCC, and Markel.
1Fort co-founder and CEO Anthony Marshi said: “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. 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.”
In 2023, the company raised $2m in a pre-seed financing round.
