Insurance upstart Authentic secures $11M in Series A funding.

June 6, 2024
1 min read




Authentic Raises Series A Funding

TLDR:

Authentic, an insurance provider, raised $11 million in Series A funding. The company applies the captive insurance model to software companies, allowing them to offer insurance programs and share profits. Authentic partners with software providers like Mindbody and splits fees generated 50/50. The company plans to expand its product offerings and has sold over 100 policies through partnerships.

Key Elements:

  • Authentic raised $11 million in Series A funding
  • They apply the captive insurance model to software companies
  • Authentic partners with software providers to offer insurance programs and share profits
  • The company has sold over 100 policies through partnerships and plans to expand its product offerings

As a tech reporter, Rachyl Jones discusses how Authentic was inspired by a captive insurance program for horse trainers to create a similar model for software companies. The company partners with platforms like Mindbody to offer insurance programs to their clients, allowing software providers to share in the profit.

Authentic has recently raised $11 million in Series A funding led by FirstMark Capital. The company plans to use the funds to hire more engineers, build out products, and expand into new markets such as workers’ compensation, health insurance, and benefits. With their unique business model and successful partnerships, Authentic is poised for further growth and success in the insurance industry.


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