Slingshot Insurance Emerges from Stealth with $27 Million Seed Investment to Build AI-Native Infrastructure for Embedded Insurance

Rally Ventures and Skyward Group co-led the round with participation from additional P&C industry veterans to unlock the untapped, high-growth embedded market

MINNEAPOLIS, Oct. 22, 2026 /PRNewswire/ -- Slingshot Insurance, the AI-native insurance company built for the embedded economy, today emerged from stealth with $27 million in seed financing co-led by Rally Ventures and Skyward Group. Several P&C industry veterans also participated in the oversubscribed round, including Jim Hays, who will join the company's Board of Directors.

Embedded insurance is emerging as one of the fastest-growing segments of the P&C market. Industry forecasts suggest it could grow from roughly 3% of global P&C premiums today to nearly 20% over the next decade, significantly outpacing the broader market. Slingshot, co-founded by Rally Ventures and Ethan Genteman, former Chief Actuarial Officer at Palomar Holdings, is purpose-built to help those serving the embedded insurance market, including industry vertical software platforms, managing general agents (MGAs), and insurance distributors, capitalize on that shift. The platform gives them the technology, capacity, and speed to launch and scale insurance products for niche and rapidly evolving embedded opportunities, such as amateur sports, travel, and the gig- and independent-work economy.

"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. "Our infrastructure changes those economics by dramatically lowering the cost of administering policies and accessing capital. That makes products viable that historically were not, creating value for customers and capital providers while opening up entirely new embedded insurance opportunities."

Slingshot has developed an AI-native infrastructure designed for the unique demands of the embedded insurance market. High-volume products create transaction and data complexity that traditional spreadsheets, email, and disconnected legacy systems were never designed to manage efficiently. Slingshot replaces that patchwork with a single integrated system that uses AI to automate complex workflows and APIs to connect seamlessly with MGAs, distribution platforms, and capital providers. The result is infrastructure designed to operate embedded products profitably and at scale. Every decision is auditable, reconcilable, and explainable, giving MGAs and capital providers greater transparency, speed, and insight.

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. "We built Slingshot to provide MGAs and others serving the embedded market with the infrastructure to launch new products at a speed that simply has not been possible before."

Vertical Insure, an embedded insurance MGA serving 750,000+ customers at a $25 average premium, signed on as an early customer and design partner because it needed faster, technology-enabled carrier support.

"We can design the products our customers need almost overnight, but the industry is highly regulated, and we need delegated authority just to write and distribute what we've built. The antiquated approval process on the carrier-side slows everything down," said Brock Noland, co-founder and CEO of Vertical Insure. "Our business really comes down to technology and good data – traditionally, carriers haven't had either, and that's exactly what Slingshot brings to the table."

Those serving the embedded insurance market can learn more about Slingshot at www.slingshotinsurance.com.

About Slingshot Insurance

Slingshot Insurance is an AI-native insurance company built for the embedded economy. For managing general agents (MGAs) and others looking to capitalize on the fast-growing embedded insurance market, Slingshot provides the infrastructure to replace the fragmented legacy tools and inefficient processes that have historically hindered innovation in higher-frequency, lower-severity insurance products.

The AI-native platform automates complex, data-heavy workflows while ensuring every decision is fully auditable, reconcilable, and explainable, providing the transparency and speed required to operate embedded products profitably and at scale across emerging markets such as travel, amateur sports, and the gig economy.

For more information, visit www.slingshotinsurance.com.

SOURCE Slingshot