June 27, 2023
June 27, 2023

1Fort Raises $2M To Democratize Cyber Resilience

The news

We are humbled to announce that 1Fort has raised $2M in pre-seed funding to build the world’s first cyber insurance automation platform that bridges the gap between cybersecurity and insurance. Major investors included Village Global, 8-Bit Capital, Operator Partners, Character, Company Ventures, BrokerTech Ventures, along with other venture firms and angel investors. You can read all of the details in our press release.

Why the world needs 1Fort

With the rise in cyber attacks, insurers have started requiring stringent security controls from businesses seeking cyber insurance as a way to mitigate losses. However, the complexity and resources required to assess and implement these controls pose challenges for businesses, and brokers often struggle to guide their clients through the process.

It shouldn’t be hard for businesses to gain financial protection from cyber risk. Our goal is to enable businesses to easily meet the security control requirements to access the financial protection they deserve.

“Businesses deserve easy access to a financial safety net from cyber attacks. We’re honored to have the support of leading brokerages, investors and strategic advisors as we aim to democratize cyber resilience.”

Anthony Marshi, CEO at 1Fort

Our easy-to-use platform helps businesses become insurable in weeks instead of months, and crucially, fortifies their cyber resilience to avoid using their policy in the first place. By seamlessly linking to a business's tools through one-click API connections, 1Fort automatically detects and assists in fixing their security vulnerabilities, helping them qualify for better coverage and pricing from top insurance providers.

Shout out to our early supporters

1Fort is offered to businesses through our partnerships with retail brokers, which enable them to support clients through the rigorous insurability process and place cyber deals more efficiently.

Our progress to date is underpinned by our strong partnerships with brokers and their clients. We've established partnerships with innovative insurance brokerages, including several of the largest retail brokerages in the US, and have garnered a client base of middle-market and enterprise businesses across construction, manufacturing, and other industries. Read about one of our recent client success stories here.

"For our clients, cyber risk is a constantly moving target. 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.”

Monica Minkel, VP, Executive Risk Enterprise Leader at Holmes Murphy

1Fort recently participated in the BrokerTech Ventures (BTV) accelerator, a group representing 13 of the largest independently owned insurance brokerages and 14 of the largest insurance companies in North America, with a combined multi-billion dollars in annual distribution capacity. Partnering with BTV has enabled 1Fort to expand its collaboration with top brokerages and further demonstrate the impact of its solutions.

Meet the team

Our story took root at Georgetown, where we co-founded Georgetown Ventures, the university's first student-run startup accelerator. Today, we channel that same innovative spirit in building 1Fort. With backgrounds spanning technology, insurance, and professional services firms like Google, Coalition, BCG, and Wolfram, our team members bring diverse expertise and a shared passion for modernizing the cyber insurance process.

“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.”

Anne Dwane, Co-Founder and Partner at Village Global

What’s next

Soon, operating a business without cyber insurance will be like driving a car without auto insurance. And this is just the beginning.

Our mission is to democratize cyber insurance, bolstering cyber resilience across businesses of all sizes. This funding round will expedite our efforts, enabling us to integrate more tools that businesses use, develop AI-powered technologies to accurately assess cyber risk, and make key hires, while strengthening our network of broker partnerships.

We aspire to a future where every business can traverse the digital world with confidence, safeguarded against cyber threats. We look forward to embarking on this journey together and sharing our milestones and success stories along the way.