An insurance startup led by a former executive with Falls Lake Insurance Companies is raising millions.
Securities filings show Synchrono Group of Raleigh has raised nearly $3.2 million of a planned $3.3 million round, securing the capital from 10 investors.
Synchrono CEO Steven Hartman was not available to comment.
Hartman has a long history in the industry, having served as president and CEO of Falls Lake Insurance Companies – part of James River Group – until 2018. Synchrono bills itself as an insurance firm for the gig economy, operating under the trade name SynchronoSure.
Synchrono, founded in 2019, describes itself as a “state of the art, digital underwriting and professional services business, intentionally built to leverage the convergence of technology and insurance through applications of proprietary artificial intelligence and predictive analytics capabilities.”
It focuses on property and casualty insurance, targeting small businesses and startups.
In addition to Raleigh, the firm operates in Manila, according to LinkedIn.
Securities filings for the latest funder include several insurance insiders, including Petronila Hartman, chief global services operations officer at Arch Capital Services, and Schomo Neumann, vice president of operations at American European Insurance Group.
It also includes Jorge Beruff, managing director of Miami-based 777 Partners, a private equity firm that invests in insurance companies.
Synchrono first raised capital in 2019, a $2.8 million round, according to securities filings.