Beirut-based insurance technology startup BSynchro has raised $1 million in fresh funds from existing local VCs Berytech (Fund II) and Phoenician Funds (I), the startup announced last week in a statement to MENAbytes.
Founded in 2005, BSynchro (Business Synchronization), per statement is a software development and consulting company that specializes in the digitization processes of insurance-related companies. The company that currently operates in GCC, Levant & Africa, has 80 clients across 25 countries.
According to BSynchro’s website, the solutions it offers include online insurance aggregator, claims management, and digital insurance and reinsurance broker.
The company also has a majority stake in Arima, a Bahrain-based company specialized in core insurance a re-insurance solutions.
BSynchro apparently remained bootstrapped for a very long period of time before receiving its first external investment of $4 million from Berytech and Phoenician Fund in 2016.
The startup plans to use the latest fund to develop its multi-purpose suite of products that will be “dedicated to transitioning insurance related companies into the digital world in a speedy and affordable way, notably with an extensive use of new technologies such as Artificial Intelligence, Machine learning and Robotic Process Automation.”