Authentic, a NYC- and Dayton, OH-based provider of a platform that allows vertical SaaS companies, franchises, and other groups to create captive insurance programs, raised $5.5M in Seed funding.
The round was led by Slow Ventures with participation from Altai Ventures, MGV, Upper90, Clocktower, Commerce Ventures, Mischief Ventures, Core Innovation Capital, and insurance executives.
The company intends to use the funds to expand operations and its business reach.
Led by CEO and Founder Cole Riccardi, Authentic provides a tech-enabled platform that enables SaaS platforms, associations, and other communities, to create their own captive insurance programs, which bring financial and coverage benefits that large enterprises have leveraged for the past ~50 years to smaller business groups.
The platform handles all of the logistics of setting up a captive insurance company, including:
- Legal: Setting up a Domicile, Administration, etc.
- Underwriting: Filing Rates with Regulators, Pricing, Actuarial Analysis, etc.
- Reinsurance & Capital: Reinsuring, Capitalizing Captives, etc.
- Claims Management, Customer Servicing, and more.
The company has launched with initial customers and already has a waitlist of customers launching throughout Q4 2023. Currently, Authentic is offering Business Owner’s Policy (BOP) coverage and is targeting businesses in the food & beverage, salon & spa, retail, fitness, and professional services.
FinSMEs
21/09/2023