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🦄 Unicorner Startup of the Week: 1Fort
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Cyber insurance. Most companies don’t realize they need it until they wish they had it. In a world where our data is stored on servers out of reach, insuring your data is only logical. 1Fort is making the process of connecting insurer to insured simple.
By the way: if you’re looking for an internship, 1Fort has a software opening. It’s one of those rare early career opportunities to work at an awesome startup. Definitely check it out.
Derek is back again this week, shifting focus from the world of home design we explored last Monday with Craftwork. Once again, check out his blog So What Now? for more writing from him (personal anecdotes, musings, and occasional AI philosophy).
Cyber insurance made simple
1Fort is an insurtech company automating cyber insurance for mid-to-large businesses. Working with industry-leading insurance brokers, it connects to a company’s internal processes to underwrite and automate the cyber insurance process. Automating the process helps save a business money and a broker’s time while ensuring the company’s cyber health.
🔗 Check it out: 1fort.com
💰 Business Model
Insurance brokers use 1Fort when underwriting mid-sized businesses (companies with annual revenue of $100 million to $2.5 billion). 1Fort charges fees to the brokers and to the mid-sized businesses.
📈 Traction and Fundraising
Raised $2 million in pre-seed funding from Village Global, 8-Bit Capital, Operator Partners, Character, Company Ventures, and Brokertech Ventures among many others
Participated in BrokerTech Ventures (BTV), an accelerator for insurtech startups
👫 Founders
Anthony Marshi, CEO: Previously @ BCG, co-founder @ Georgetown Ventures
Toby Hung, COO: Previously @ Google & AIA (6th largest insurance carrier in the world), co-founder @ Georgetown Ventures
Kamar Mack, Head of Engineering: Previously co-founder & CTO @ Appdrop, co-founder @ Georgetown Ventures
📖 Founder Story
Most college buddies look back at their time in college as a time when they went to football games and got wasted. But the 1Fort founders look back on their time as a time to build a legacy.
At Georgetown, they founded Georgetown Ventures, which has incubated over 100 startups to date. Since graduating, Anthony has worked at Boston Consulting Group, where he worked closely with companies on their digital products in the financial sector. There, he noticed how cyber risk has become a top priority for everyone. The largest companies in the world allocated large budgets to cyber security, while many others struggled to maintain their cyber security health.
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💼 Opportunities
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🔮 Our Analysis
Ocean’s Eleven sucks in real life — MGM Grand lost $100 million from a cyber attack.
The worst part? This is just the beginning.
Analysts suggest that by 2025, cyber attacks will cost the world over $10 trillion. With over 66% of organizations being hit by ransomware in the last year and the mean recovery cost being $1.82 million, cyber protection will be an increasing part of our lives.
As the world’s economy increasingly becoming more digital, we’re at the precipice of a new era in business. Similar to how it’s illegal to drive a car without car insurance, businesses must consider protecting their digital assets. Customer data — whether credit card numbers, social security numbers, or bank accounts — need to be protected and insured.
This is where 1Fort steps in.
Working closely with insurance brokers who provide clients with cyber insurance can help businesses identify and remedy potential exploits that hackers and other bad actors use. With the complexity of underwriting a business for cyber insurance, brokers save time and money on the underwriting process and businesses can lower their premium by following 1Fort’s recommendations.
Having already worked with four of the top 50 insurance brokers in the world to roll its product out, and continuing to forge new partnerships across the industry, 1Fort hopes to build a world where Ocean’s Eleven is just a movie.
📚 Further Reading
Written by Derek Wong
Is this week's company a future unicorn? |
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