A New York-based venture capital firm called FirstMark Capital LLC led the $11 million Series A financing round that Authentic Insurance Services Inc. announced. According to Authentic officials, software companies, associations and franchises can easily create captive programmes for their small business members by utilizing the “captive-in-a-box” platform.
Authentic’s series captive insurer, with its domicile in Montana, Authentic Insurance Co. LLC, supports the programme. In addition to concentrating on providing workers’ compensation coverage, Authentic provides business owner policies to Main Street establishments such as hairdressers, gyms and other businesses with yearly sales under $5 million. The insurance is underwritten by Everspan Insurance Co., an affiliate of Ambac Financial Group, Inc.
Participants in the financing round included Slow Ventures LLC, Altai Ventures, MGV Capital LLC, Upper90 and Commerce Ventures. Authentic, under the direction of its founder and CEO, Cole Riccardi, empowers associations, SaaS platforms and other groups to design their own captive insurance policies. The technology-enabled platform offers small-cap organizations and individuals the advantages of captive insurance while simplifying its complexity.
With the most recent funding, the company officials stated that they plan to increase both their clientele and workforce by 2024 and beyond. Additionally, it intends to expand its product line to include benefits, health insurance products and worker compensation.
The company representative stated, “We have a very big goal of giving power and economics back to the people and more importantly, changing how and where insurance is purchased. To our investors and partners, we appreciate your support. Without you, the enormous project could not be accomplished.
