A stealthy insurance startup led by a former executive with Falls Lake Insurance Companies has closed on nearly $7 million.
A securities filing shows Synchrono Group, a Raleigh firm led by former Falls Lake Insurance Companies CEO Steven Hartman, raised the sum from two investors.
Hartman did not return a request to comment on the raise.
It’s the largest fundraise for the firm yet, bringing its total haul to $15.6 million, according to securities filings.
Hartman ran Falls Lake Insurance Companies, part of James River Group, until 2018. Synchrono, founded in 2019, describes itself as an insurance firm for the gig economy, operating under the trade name SynchronoSure.
Its sweet spot is property and casualty insurance.
And it appears to have quite the lineup of support in its boardroom, with insurance veterans such as Schlomo Neumann of American European Insurance Group and Petronila Hartman, chief global services operations officer at Arch Capital Services listed as directors.
Mike Zabik, partner at private investment firm RedBird Capital Partners, is also listed in the filing as a director, as is Marcella Romero, an Australian executive and founder of the Arriba Group, Jorge Beruff, managing director of 777 Partners and Steve Sun, a principle at KKR & Co.
