Minneapolis-based insurtech startup Slingshot Insurance has raised $27 million in seed funding, emerging from stealth with an AI-powered infrastructure platform for embedded insurance.
The round was co-led by Rally Ventures and Skyward Group, with participation from several property and casualty insurance industry veterans, including Jim Hays, who is set to join the company’s board of directors.
Founded in 2026, Slingshot Insurance was co-founded by Ethan Genteman and Rally Ventures. Genteman, who serves as CEO, previously held the position of Chief Actuarial Officer at Palomar Holdings.
The company develops insurance infrastructure for managing general agents (MGAs), vertical software platforms and insurance distributors. Its platform is designed to support embedded insurance products offered alongside other transactions, including travel bookings, amateur sports activities and services in the gig economy.
Slingshot uses artificial intelligence to automate insurance administration and data-intensive workflows. Its infrastructure connects distribution platforms, MGAs and capital providers through application programming interfaces (APIs), enabling businesses to develop, administer and scale insurance programmes.
The platform focuses on insurance products characterised by relatively low premiums and high transaction volumes. By automating administrative processes and integrating insurance operations, Slingshot aims to reduce the operating costs associated with these products.
Vertical Insure, an embedded insurance MGA serving more than 750,000 customers with an average premium of $25, has joined Slingshot as an early customer and design partner, according to the company.
At the time of the announcement, Slingshot operated as a technology provider working with external insurers. The company was also pursuing the acquisition of an insurance carrier to support its longer-term underwriting plans.
