A few weeks after closing a Series A-2 round of nearly $3.8 million from 10 investors, insurance technology company Synchrono Group Inc., which operates under a trademarked brand name of SynchronoSure, is launching its third product, according to founder, CEO, and Chairman Steve Hartman.
“Our business is built at the convergence of state of the art technology, algorithmic use of information, and highly experienced underwriting professionals,” said Hartman in an interview with WRAL TechWire.
According to the company’s website, its proprietary technology “allows us to quote most risks in a matter of minutes rather than days.”
The intention behind raising the additional capital, noted Hartman, was growth.
Specifically, so the company could take advantage of what Hartman called “pent up growth coming out of the pandemic.”
The most recent round was led by Miami-based 777 Partners, said Hartman. The company previously raised $2.8 million in 2019 and more than $2.6 million in 2020, according to SEC filings. Each round was an equity raise, the CEO said.
The company offers “property casualty and workers compensation insurance, focused on the small business marketplace,” said Hartman.
According to a statement issued by the company, the newest product line, provides “capacity for limits up to $5 million per occurrence” for businesses “with attachment points between $1 million primary and $6 million from ground up.”
Synchrono Group is planning to hire additional staff to support its growth, said Hartman, and is scheduled to launch a fourth product in September and a fifth product beginning on October 1. But, though the company office is in Raleigh, the company is hiring globally, Hartman noted.
“As a digital, cloud-based business, we’re agnostic to where people are located,” said Hartman. “If we find the right person for a role, we’re happy to plug them in wherever they are located.”
The company plans to grow to between 30-35 employees by the conclusion of the year with particular needs in marketing, underwriting, and finance.
“The pandemic spurred companies to become digitized,” said Hartman. “As an intentionally-digital company, we have a competitive advantage embedded in the combination of our cost structures and scalable technology.”
The company will also raise a Series B round in 2022, Hartman said.