1Fort Secures $7.5M to Enhance AI-Powered Business Insurance

1Fort has raised $7.5 million in an oversubscribed funding round led by Bonfire Ventures, announced in a press release. The funding round also saw participation from Draper Associates, Karim Atiyeh, and existing investors such as Village Global and Operator Partners. This latest investment brings 1Fort's total funding to $10 million.

1Fort aims to streamline the business insurance process by leveraging AI to automate broker workflows. The platform helps brokers save time by autofilling insurance applications, retrieving quotes, and integrating payment options. This efficiency allows brokers to bind more policies and improve client retention. The company reports that brokers using 1Fort can save up to two hours per submission and increase their bind rate by up to 20%.

The funding will be used to enhance 1Fort's AI capabilities and expand partnerships with insurance carriers and brokers. The company has already partnered with over a dozen leading brokerages and A-rated carriers, including Arch and Tokio Marine HCC. With this investment, 1Fort plans to further improve the broker experience and continue its rapid growth trajectory.