1Fort, an innovative cyber insurance automation platform, has recently achieved a significant financial milestone. The firm, which aims to streamline the cyber insurance procurement process for middle to large businesses and insurance brokers, has secured $2m in pre-seed funding.
In a financing round that drew substantial attention, a collection of major investors came on board. These included Village Global, 8-Bit Capital, Operator Partners, Character, Company Ventures, and BrokerTech Ventures, along with numerous other venture firms and angel investors.
As cyber threats rise, insurers have started imposing stricter security controls on businesses seeking cyber insurance, intending to reduce loss ratios. However, implementing these controls often demands significant resources and poses a complexity that many businesses find challenging. Brokers, too, frequently find it difficult to guide their clients through this process. This is where 1Fort comes in.
By offering an intuitive platform, 1Fort empowers businesses to efficiently meet cyber insurance security control requirements. By connecting to business tools via API, the platform provides real-time insights into the security posture of these companies, helping them remedy any shortcomings, secure better insurance terms and pricing, and thus, become insurable. As a result, businesses using 1Fort can cut down their coverage acquisition time from months to mere weeks, while also enhancing their cyber resilience by proactively addressing security vulnerabilities.
The newly-acquired funds will fuel 1Fort’s ongoing mission. “We’re honoured to have the support of leading brokerages, investors and strategic advisors as we aim to democratise cyber resilience,” 1Fort’s CEO and co-founder Anthony Marshi said. The capital injection will be channelled towards further product development, hiring key personnel, and strengthening broker relationships.
1Fort has a robust track record of success, which includes its recent participation in the BrokerTech Ventures (BTV) accelerator. This opportunity allowed the company to expand its partnerships with leading brokerages and further validate the value of its solutions.
VP of Enterprise Risk at Holmes Murphy, Monica Minkel, endorsed the platform stating, “1Fort saves me time because it helps my clients hit the mark and get their cyber insurance coverage in place faster and at a lower cost, while providing great guidance on reducing cyber risk exposures.”
Anne Dwane, Co-Founder and Partner at Village Global, also hailed 1Fort’s potential: “The 1Fort team is building a solution that brings cutting-edge technology to automate the cyber insurance readiness process. We’re excited to back the team as they move forward on this journey.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
Copyright © 2018 RegTech Analyst
