1Fort, an AI platform for business insurance, announced it has raised $7.5 million in an oversubscribed funding round led by Bonfire Ventures. This round also included Draper Associates (Tim Draper), Karim Atiyeh (the founder of Ramp) and participation from all existing VCs: Village Global, Operator Partners, 8-Bit Capital, Character VC, and Company Ventures. This round brings 1Fort’s total funding to $10 million.
Insurance brokers and agents often face manual and time-consuming processes when serving businesses. However, most businesses still depend on them for coverage, and many remain underinsured, leaving tens of millions of businesses exposed as risks increase in severity and frequency with advancing technologies like cyber attacks and supply chain disruptions.
1Fort addresses these challenges by enabling brokers to use AI to bind more top-tier insurance policies for businesses faster. The platform utilizes AI to automate various broker workflows, including auto-filling insurance applications, retrieving quotes from carriers, comparing coverages, and integrating payment and financing options.
Brokers utilizing 1Fort save on average up to two hours per submission and increase their bind rate by up to 20%. And brokers also better retain clients with 1Fort’s complementary risk management software, which businesses manage their policies and proactively prevent claims or losses.
1Fort increased revenue nearly 200% month over month in 2024 and has already partnered with over a dozen leading brokerages and A-rated carriers, including Arch, Tokio Marine HCC, and Markel. The funding will enable 1Fort to continue improving the broker experience through AI innovations and talent acquisition and further expand partnerships with carriers and brokers.
KEY QUOTES:
“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.”
Anthony Marshi, 1Fort Co-Founder and CEO
“1Fort has been a great resource for our team, allowing us to move even faster and deliver great products for our clients.”
Travis Hedge, Co-Founder of Vouch
“Building AI-powered, service-as-software solutions to modernize legacy workflows in the insurance vertical is one of today’s most exciting opportunities. 1Fort has already built impressive momentum and is poised to revolutionize this trillion-dollar market.”
Jim Andelman, Bonfire Ventures Co-Founder and Managing Director
