1Fort Secures $7.5 Million Funding to Expand AI-Powered Insurance Platform
1Fort, a New York-based startup developing an AI platform to streamline business insurance purchases, has closed a $7.5 million funding round led by Bonfire Ventures. The investment will support the company’s growth and further development of its artificial intelligence features.
The funding round included participation from Draper Associates, Ramp founder Karim Atiyeh, and existing investors such as Village Global and Company Ventures. This follows 1Fort’s $2.6 million pre-seed funding in 2023, demonstrating growing investor confidence in the company’s innovative approach to business insurance.
1Fort addresses significant inefficiencies in the trillion-dollar business insurance industry, where 70% of processes remain manual and repetitive. The company’s AI platform automates various broker workflows, including insurance applications, quote retrieval, coverage comparison, and payment integration. This automation has resulted in an average savings of two hours for brokers and a 20% improvement in bind rates.
The startup was founded by Georgetown University alumni, including CEO Anthony Marshi, Kamar Mack, and COO Toby Hung. 1Fort’s platform has already gained traction with over a dozen leading brokerages and carriers, such as Arch, Tokio Marine HCC, and Markel.
“This investment will allow us to grow even faster by doubling down on our AI features and strengthening our broker and carrier partnerships,” Marshi said. The company reported a nearly 200% month-over-month revenue increase in 2024, positioning it for continued growth in the business insurance market.
1Fort’s mission is to modernize the commercial insurance industry through technology, expanding beyond cybersecurity insurance to other business insurance types, including technology errors and omissions, professional liability, and workers’ compensation. As Jim Andelman of Bonfire Ventures noted, “1Fort has already built impressive momentum and is poised to revolutionize this trillion-dollar market.”
