1Fort, an AI platform for business insurance, has raised $7.5 million in an oversubscribed funding round led by Bonfire Ventures, bringing its total funding to $10 million. The investment will be used to improve the broker experience through AI innovations and expand partnerships with carriers and brokers.
The company aims to empower insurance brokers to bind more policies in less time for businesses. Currently, 70% of businesses rely on brokers for coverage, but 75% remain underinsured, leaving nearly 24 million businesses exposed to risks such as cyber attacks and supply chain disruptions.
1Fort’s platform automates various broker workflows, including autofilling insurance applications, retrieving quotes from carriers, comparing coverages, and integrating payment and financing options. Brokers using 1Fort save up to two hours per submission and increase their bind rate by up to 20%. The company’s risk management software also helps brokers retain clients.
1Fort has grown revenue nearly 200% month-over-month in 2024 and has partnered with over a dozen leading brokerages and A-rated carriers, including Arch, Tokio Marine HCC, and Markel. The company is licensed in all 50 states and offers brokers wholesale access to Cyber, Tech E&O, Professional, and Management liability insurance.
Anthony Marshi, 1Fort Co-Founder and CEO, stated that the investment will allow the company to “grow even faster by doubling down on our AI features and strengthening our broker and carrier partnerships.” Jim Andelman, Bonfire Ventures Co-Founder and Managing Director, noted that 1Fort is “poised to revolutionize this trillion-dollar market.”
