XN Captive raises $11.5 million

New York-based XN Captive filed its Form D with the SEC in connection to a $12 million equity offering, with $11.5 million already raised as of March 2025. XN Captive has a team of 12, according to LinkedIn, and is backed by Caffeinated Capital , whose portfolio includes AgentSync, Federato, and Rainbow MGA.

The company, founded in 2023, focuses on helping businesses form and operate captive insurance companies—offering an alternative to traditional commercial insurance.