Authentic Insurance Services, a New York-based insurtech startup specializing in captive insurance programs, has recently secured US million in a Series A funding round led by FirstMark Capital. The company, founded by CEO Cole Riccardi, offers a unique ‘captive-in-a-box’ solution that allows software companies, associations, and other groups to easily establish captive programs for their small business members.
Authentic focuses on providing business owner policies to gyms, salons, and other small businesses with annual revenues under US million. The company has formed partnerships with industry leaders such as Mindbody, Restaurant365, theCut, and PushPress to offer tailored insurance solutions to their customers.
Having already sold over 100 policies through its partners, Authentic is on track to surpass 1,000 policies by the end of the summer. CEO Cole Riccardi expressed gratitude to investors FirstMark and Slow Ventures for their support in revolutionizing the insurance industry.
Adam Nelson, a partner at FirstMark Capital, highlighted the innovative approach Authentic is taking to disrupt the traditional commercial insurance market. By providing a platform for partners to create their own insurance offerings, Authentic is bringing a new and improved insurance model to millions of businesses, ushering in a new era in the insurance industry.
