Posted on June 24, 2019
BSynchro Holding recently announced that it has raised $1 Million of additional capital from its current shareholders Berytech Fund II and Phoenician Funds I.
BSynchro is the region’s leading InsurTech company providing players in the insurance industry with innovative solutions such as digital distribution and brokerage, claims management and aggregation.
Michel Chammas, CEO of BSynchro comments, “After the Berytech Fund I, Berytech Fund II and Phoenician Funds first and second rounds of investments, this third round is proof that BSynchro’s strategy and success is trusted by our partners. The funding they provide as well as their managerial and strategic support are key in the success of our company, one of the pioneers and leaders of InsurTech and insurance digitization in the region.”
BSynchro has a vision to re-engineer the global insurance industry by synchronizing modern digital tools with a simple customer-centric approach.
They received their first funds from Berytech Fund II and Phoenician Fund in 2016 to complete the development of its products. They plan on going even further in their sales reach and innovation with this new round of investment.
“Berytech Fund II aims to contribute to the continuous development of the innovation ecosystem in Lebanon, and deploys every effort to achieve this goal,” comments Paul Chucrallah, Managing Director, Berytech Fund II; “this new capital raise by BSynchro proves our continued trust in the team and in the belief that they can play a leading role in the future of InsurTech around the world.”
The newly received funds will be invested in developing BSynchro’s multi-purpose suite of products 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.
The group specializes in the digitization processes of insurance related companies, offering state of the art front end solutions, and has a wide and diverse customer base of more than 80 clients across 25 countries.
They are currently operating in the GCC, Levant, and Africa and also have a majority stake in a Bahraini based company, Arima, specialized in core insurance and reinsurance solutions.