Broker workflow insurtech 1Fort raises $7.5 million

By Michael Loney

April 17 - (The Insurer) - AI platform for business insurance 1Fort has raised $7.5 million in an oversubscribed funding round led by Bonfire Ventures.

The round also included Draper Associates; Karim Atiyeh, the founder of Ramp; and participation from all its existing VCs: Village Global, Operator Partners, 8-Bit Capital, Character VC and Company Ventures.

This latest round brings the 1Fort total funding to $10 million.

New York-based 1Fort helps brokers to bind more top-tier insurance policies for businesses faster using AI.

The platform leverages AI to automate various broker workflows, including autofilling insurance applications, retrieving quotes from carriers, comparing coverages, and integrating payment and financing options.

1Fort said brokers that use it save on average up to two hours per submission and increase their bind rate by up to 20%.

The insurtech includes complementary risk management software, which businesses manage their policies and proactively prevent claims or losses.

1Fort grew revenue nearly 200% month over month in 2024. It has already partnered with more than a dozen leading brokerages and A-rated carriers, including Arch, Tokio Marine HCC and Markel.

The funding will be used to improve the broker experience through AI innovations and talent acquisition and further expand partnerships with carriers and brokers.

"This investment will allow us to grow even faster by doubling down on our AI features and strengthening our broker and carrier partnerships,” said Anthony Marshi, 1Fort co-founder and CEO.