Farukh Kitchlew | Dec 6, 2023 | 0
Authentic raises over $5M in seed financing
Authentic, the “captive in a box” insurance platform, announced its $5.5m in seed financing. Slow Ventures led the round with MGV, Altai, Clocktower, Commerce Ventures, Mischief Ventures, Core Innovation Capital, and Upper90 participation. The round also saw participation from multiple insurance executives.
Authentic enables SaaS companies, associations, franchisors, and roll-ups to generate revenue from insurance offerings requiring no integration efforts. For half a century, large enterprises have harnessed captives’ financial and coverage advantages. The company’s technology-driven platform simplifies the intricacies of captive insurance and extends these advantages to small business groups.
While establishing a captive can be challenging, Authentic simplifies all the complexities with captive insurance. It offers a ready-made platform for distribution partners, such as vertical SaaS providers, franchises, roll-ups, and more. These partners supply the audience, while Authentic provides the insurance solutions.
Marc Schroder, co-founder of MGV, said in a statement,
“Authentic has the perfect blend of insurance and technology expertise. The captive platform will alter how businesses purchase and manage insurance. They’re redefining and drawing new boundaries around insurance and risk pools. Now, any company can become an insurance company and the benefits can be reaped by everyone in the value chain”.
Authentic is launching with initial distribution partners in May.