Authentic, a New York City-based insurtech startup, has secured million in Series A funding. The round was led by FirstMark Capital, with participation from Slow Ventures, Altai Ventures, MGV, Upper90, and Commerce Ventures. This funding will be used to expand operations and further develop the company’s offerings.
Founded by Cole Riccardi, Authentic specializes in making it easier for SaaS platforms and franchisors to provide affordable captive insurance policies to their SMB customers. The company’s platform allows SaaS platforms, associations, and other communities to create their own captive insurance programs with just one line of code. This simplifies the complexity of captive insurance and allows small business groups and individuals to benefit from tailored insurance products.
Authentic takes a fee to underwrite, handle claims, and manage capital markets and reinsurance for these programs. With this new funding, the company aims to continue enabling businesses to offer customized insurance solutions to their members.
