In an industry ripe for innovation, Authentic Insurance has emerged as a bright star. As a New York-based InsurTech startup, it has raised $11 million in a Series A funding round, an impressive achievement for a firm founded merely a year ago, in 2022. The round was led by First Mark Capital and witnessed significant contributions from Slow Ventures, Altai Ventures, MGV, Upper90, and Commerce Ventures. This influx of capital is earmarked for ambitious expansions – expanding the team, broadening service offerings to include workers’ compensation and health insurance products, with an eye specifically on serving small businesses with annual revenues of under $5 million.
The company stands out for its innovative approach to insurance, enabling SaaS platforms, associations, and communities to offer custom insurance programs in a snap – through a single line of code. The ethos of simplicity and accessibility define Authentic’s model, as they handle the complex webs of underwriting, claims, capital markets, and reinsurance. Since introducing their product last September, Authentic Insurance has attracted prominent customers such as Mindbody and Restaurant365, thereby extending their reach to nearly a million small businesses and boasts over 100 policies sold – a number expected to escalate to over a thousand as summer fades.
A Game-Changer for the InsurTech Landscape
What makes Authentic Insurance’s recent funding significant is not just the amount but also what it symbolizes – the potential to reshape an industry traditionally dominated by cumbersome processes and conglomerate carriers. Since its inception, Authentic has been on a trajectory that could do just that. In its brief courtship with the market, it’s already secured more than ten customers, including SaaS giants and attained a reach spanning nearly a million small businesses. The performance speaks loudly, with the company already having sold over 100 policies, and an optimistic forecast suggests this figure will swell tenfold with the coming seasons.
CEO Cole Riccardi’s vision is validated by the funding milestone, which applauds his team’s innovation in overhauling archaic insurance practices. Adam Nelson of First Mark Capital commends Authentic’s fresh take that undercuts reliance on age-old carriers, potentially offering a more direct, efficient channel for millions of small businesses to procure insurance. It’s a vote of confidence from the industry that signifies not only recognition but also a robust belief in Authentic’s disruptive potential within the commodious commercial insurance market. Such an intrusion into the sector could very well shift commercial insurance’s trajectory toward a more inclusive and agile future.
Authentic’s Blueprint for Industry Disruption
Budding as a standout in a sector thirsty for innovation, Authentic Insurance, hailing from New York and specializing in InsurTech, has impressively garnered $11 million in a Series A funding bout, just a year post its 2022 inception. Led by First Mark Capital, the funding was buoyed by key investors such as Slow Ventures and Commerce Ventures. These funds are allocated for hefty growth plans, like team expansion and the launch of new products, including health and workers’ compensation insurance, focusing on sub-$5 million revenue small businesses.
Renowned for its revolutionary, straightforward approach, Authentic Insurance empowers SaaS platforms to effortlessly embed insurance offerings using a mere line of code, unraveling the complexities of underwriting and claims. Since their product debut last fall, Authentic has captivated heavy hitters like Mindbody, penetrating close to a million small businesses. They’ve launched over 100 policy plans, forecasting a surge past 1,000 as the year progresses.
