Minnesota-Based Slingshot Insurance Raises $27M in Seed Funding
Oct 23, 2026 | By Devin Jacobs
SUMMARY
- Slingshot Insurance raised $27 million in seed funding.
- The funds will support growth and platform development.
- Slingshot helps businesses offer insurance using AI.
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Follow usSlingshot Insurance, a Minneapolis, MN-based AI-native insurance company built for the embedded economy, has raised $27 million in a Seed funding round.
The round was co-led by Rally Ventures and Skyward Group, with participation from Jim Hays.
The company will use the funding to expand operations and accelerate the development and deployment of its insurance infrastructure platform.
What is Slingshot Insurance?
Slingshot Insurance builds technology to help insurance businesses launch and manage embedded insurance products. These products allow customers to buy insurance as part of another service or transaction.
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The company provides an AI-powered platform for managing general agents (MGAs), insurance distributors, and software platforms that offer insurance. Its system connects with distribution platforms, MGAs, and capital providers through APIs.
Slingshot aims to replace spreadsheets, emails, and disconnected legacy systems with a single platform. Its technology automates complex workflows and helps businesses manage high volumes of insurance transactions and data.
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How Much Funding Has Slingshot Insurance Raised?
Slingshot Insurance has raised $27 million in seed funding. The company has not disclosed details of any previous funding rounds or its total funding raised before this investment.
The latest round was co-led by Rally Ventures and Skyward Group, with Jim Hays also participating.
Who Invested in Slingshot Insurance’s Seed Round?
The $27 million seed round was co-led by:
- Rally Ventures
- Skyward Group
Jim Hays also participated in the round.
Why the Funding Matters
Slingshot plans to use the funding to expand its operations and speed up the development and deployment of its infrastructure platform.
The company is building tools for the growing embedded insurance market, where businesses offer insurance through existing products, services, and digital platforms.
Who founded Slingshot Insurance?
Slingshot Insurance was founded in 2026 by Ethan Genteman, Brock Noland, Jeff Hinck, and Justin Kaufenberg.
Ethan Genteman previously served as Chief Actuarial Officer at Palomar Holdings. Rally Ventures is also identified as a co-founder of the company.
"Traditional carrier infrastructure wasn't built for embedded insurance's risk and economic model. Embedded products tend to be higher-frequency, lower-severity risks, often with smaller premiums, while incumbent systems and operating models carry fixed costs designed for a much different market," said Ethan Genteman, co-founder and CEO of Slingshot.
Rally Ventures co-founded Slingshot alongside Genteman, betting early on embedded insurance as a large and fast-emerging market. "The real growth opportunity in insurance today is in the small, everyday policy sold right at checkout," said Justin Kaufenberg, managing director at Rally Ventures.
Market and Business Growth
Slingshot is targeting the embedded insurance market, which is becoming an important segment of the property and casualty (P&C) insurance industry.
Industry forecasts cited by the company suggest embedded insurance could grow from around 3% of global P&C premiums today to nearly 20% over the next decade.
The company has also secured Vertical Insure as an early customer and design partner. Vertical Insure is an embedded insurance managing general agent serving more than 750,000 customers, with an average premium of $25.
What Happens Next?
Slingshot plans to expand its operations and continue developing its insurance infrastructure platform.
The company aims to help MGAs, insurance distributors, and software platforms launch and scale embedded insurance products. Its focus will remain on automating workflows, connecting insurance partners and supporting products that traditional systems may struggle to manage efficiently.
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