Captive-in-a-box’ firm raises $11M in funding

Authentic Insurance Services Inc. said Wednesday it has raised $11 million in a Series A financing round led by FirstMark Capital LLC, a New York-based venture capital firm.

The “captive-in-a-box” platform enables software companies, associations and franchises to quickly establish captive programs for their small business members, Authentic said.

The program is backed by Authentic’s Montana-domiciled series captive insurer Authentic Insurance Co. LLC.

Authentic offers business owners policies to gyms, salons and other Main Street businesses with less than $5 million in annual revenue and is working on offering workers’ compensation coverage. Everspan Insurance Co., a unit of Ambac Financial Group Inc., fronts the policies.

Investors Slow Ventures LLC, Altai Ventures, MGV Capital LLC, Upper90 and Commerce Ventures also participated in the financing round.