New York-based 1Fort, which is building a platform to help businesses easily obtain cybersecurity insurance, has closed on $2 million in pre-seed funding. Investors included Village Global, 8-Bit Capital, Operator Partners, Character, Company Ventures and BrokerTech Ventures, besides other venture firms and angel investors.
“Businesses deserve easy access to a financial safety net from cyberattacks,” said 1Fort co-founder and CEO Anthony Marshi, who previously worked at The Boston Consulting Group. “We’re honored to have the support of leading brokerages, investors and strategic advisors as we aim to democratize cyber resilience.”
Georgetown Alumni
1Fort has been put together by a Georgetown University student group that previously co-founded Georgetown Ventures, the university’s first student-run startup accelerator. “Today, we channel that same innovative spirit in building 1Fort,” the founders proclaimed. 1Fort’s founders — Kamar Mack, Toby Hung and Marshi — have worked at companies such as Google, Coalition, BCG and Wolfram, and come from varied backgrounds spanning technology and insurance. Mack serves as 1Fort’s head of engineering while Hung is chief operating officer.
For many middle-market businesses, cyber insurance is something of a no-brainer in today’s security scenario. Besides obvious operational issues, an estimated 60% of businesses hit by cyberattacks end up filing for bankruptcy. But cyber insurance also seems out of reach for many, on account of onerous conditions, and the time and complexity it requires to fulfil requirements. Consequently, many end up overpaying and underinsured, contends Mack.
Commercial Real Estate
MacKenzie Companies
Law
Nemphos Braue
Financial Services / Investment Firms
Chesapeake Corporate Advisors
Commercial Real Estate
Monday Properties
Venture Capital
Blue Delta Capital Partners
Internet / Technology
Foxtrot Media
Speedy Fulfilment
To ease the situation, 1Fort has automated the process of meeting security requirements, helping businesses complete the requirements in weeks, rather than months. The company delivers its services via partnership with leading insurance brokerages. Its client base includes middle-market and enterprise businesses across construction, manufacturing and other industries.
“The biggest opportunity in the cyber insurance market today is getting businesses through the complex process of implementing security controls required by insurance providers,” said Anne Dwane, co-founder and partner at San Francisco-based Village Global. “The 1Fort team is building a solution that brings cutting-edge technology to automate the cyber insurance readiness process.”
Monica Minkel, VP of Enterprise Risk at the insurance brokerage Holmes Murphy, said 1Fort saves her time because it “helps my clients hit the mark and get their cyber insurance coverage in place faster and at a lower cost.” Holmes Murphy is a partner of 1Fort.
