Authentic, a NYC-based insurtech startup making it easier for SaaS platforms and franchisors to offer affordable captive insurance policies to their SMB customers, raised $11M in Series A funding.
The round was led by FirstMark Capital with participation from Slow Ventures, Altai Ventures, MGV, Upper90, and Commerce Ventures.
The company intends to use the funds to expand operations and its development efforts.
Led by Cole Riccardi, Founder & CEO, Authentic enables SaaS platforms, associations, and other communities to create their own captive insurance programs. The tech-enabled platform compresses the complexity of captive insurance and delivers the benefits to small business groups and individuals. With one line of code, Authentic’s partners can offer their own insurance product, tailored towards community members. The company takes a fee to underwrite, handle claims, and manage capital markets & reinsurance for programs.
