1Fort raises $2.5M to redefine cyber insurance

The News

We’re excited to announce that 1Fort has raised $2.5M to build the world’s first cyber insurance automation platform. The funding round, led by Village Global, will help us make cyber insurance seamless for businesses and their brokers.
How 1Fort Works

Why We're Building 1Fort

Getting and maintaining cyber insurance has become as arduous as getting a SOC 2. Between filling out complicated applications, meeting strict security requirements, and negotiating with insurance companies, a business could spend up to 6 months to get a policy, if they can get covered at all.We’ve spoken with many businesses who’ve wasted precious time and resources getting cyber insurance, only to end up with an unaffordable premium and inadequate coverage. The process is equally frustrating for their brokers, who have to guide them through highly technical security requirements in order to close a deal and facilitate back and forth conversations between insurance providers and insureds.It shouldn’t be this hard for businesses to be financially protected from cyber risk. Our goal is to make it simple for all businesses to get the coverage they deserve. We’ve built 1Fort to automate the work required to get cyber insurance from A-rated insurance carriers. Instead of completing applications manually, businesses connect their tools and systems to 1Fort. We then identify and help fix security vulnerabilities to get them insurable for major carriers. The entire process takes just days, not months, and helps businesses unlock better-priced, more comprehensive policies.

Who we are

We’re a team of experienced founders with strong complementary skills and an advisory board of industry veterans. Our founding team includes tech and insurance professionals with experience at Google, BCG, and Wolfram. We met while studying together at Georgetown, where we co-founded Georgetown Ventures, the university’s first student-run startup accelerator.Shout out to our early supporters:We’re incredibly grateful to the businesses that have started using 1Fort and provided us with valuable feedback. We’re also privileged to be partnering with major insurance brokerages that are at the forefront of embracing new technology to better service their clients. We couldn’t have done it without the support of our incredible advisors, including Leon Rishniw (ex Head of Engineering at Coalition), Brett Fulmer (broker and insurtech community leader), JJ Agha (CISO at FanDuel), Julie Zimmer (ex COO at Embroker), and Artie Minson (ex CEO at WeWork). In addition to Village Global, we’re honored to have the support of 8-Bit Capital, Operator Partners, Company Ventures, Character VC, and other VCs and angel investors.

Shout out to our early supporters

We’re incredibly grateful to the businesses that took an early bet on our product and have been providing us with valuable feedback. We’re also privileged to be partnering with major insurance brokerages that are at the forefront of embracing new tech to better service their clients. We couldn’t have done it without the support of our amazing advisors, including Leon Rishniw (ex Head of Engineering at Coalition), Brett Fulmer (broker and insurtech community leader), JJ Agha (CISO at FanDuel), Julie Zimmer, and Artie Minson.In addition to Village Global, we’re also honored to have the support of 8-Bit Capital, Operator Partners, Company Ventures, Character VC, On Deck, and other VCs and angel investors.

What's next

Cyber insurance is the next general liability insurance. The product we have today is just the beginning of our cyber insurance automation platform. Our most important goal is to continue to automate the process of getting cyber insurance and make it more accessible for businesses of all sizes. We’re also going to be supporting a wider variety of integrations into the tools business’ use, and incorporating AI to help businesses inform their risk. In the near future, we’ll also be expanding our platform to cover a wider variety of industries. We’re excited for what’s to come and can’t wait to share our progress with you.