1Fort Raises $7.5 Million to Enhance AI Platform for Business Insurance

1Fort, an AI platform for business insurance, has secured $7.5 million in funding led by Bonfire Ventures, with participation from Draper Associates, Karim Atiyeh, and existing VCs such as Village Global, Operator Partners, 8-Bit Capital, Character VC, and Company Ventures. The total funding for 1Fort now stands at $10 million.

The company aims to address the challenges faced by insurance brokers in serving businesses by utilizing AI to automate various workflows, including autofilling insurance applications, retrieving quotes, comparing coverages, and integrating payment and financing options. This approach helps brokers save time and increase their bind rate, ultimately empowering them to offer better services to businesses.

1Fort has experienced significant growth, partnering with leading brokerages and A-rated carriers, and the funding will further support its AI innovations, talent acquisition, and expansion of partnerships. The company's goal is to revolutionize the business insurance market, and the investment will enable it to strengthen its position in the industry. The AI-powered platform has proved to be a valuable resource for insurance brokers, allowing them to deliver efficient solutions for their clients. With its dedication to leveraging AI technology, 1Fort is poised to shape the future of business insurance.