Beirut-based InsurTech startup BSynchro has raised $1m in fresh funds from existing local VCs Berytech (Fund II) and Phoenician Funds (I), the startup has announced.
In a statement to MENAbytes, the company said that it would use these funds 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”.
According to Bsynchro’s website, the solutions it offers relate to online insurance aggregation, claims management, as well as digital insurance and reinsurance broking.
Founded in 2005, BSynchro is a software development and consulting company that specialises in the digitisation processes of insurance-related companies. The company currently operates in GCC, Levant & Africa, and says it has 80 clients across 25 countries.
BSynchro received its first external investment of $4m from Berytech and Phoenician Fund in 2016.