BNP Paribas insurance arm invests in blockchain startup Stratumn
02 November 2017 | 5765 views | 0
Stratumn, a leading provider of network solutions securing processes between enterprises and their stakeholders through blockchain technology and advanced cryptography, announces today a raising from C. Entrepreneurs, the venture capital fund created by the insurer BNP Paribas Cardif in partnership with Cathay Innovation, as part of its extended Series A funding.
Following its funding round announced in June with Open CNP, Otium Venture, Nasdaq and Digital Currency Group, the company now welcomes BNP Paribas Cardif through the C. Entrepreneurs venture capital fund to continue reinforcing its knowledge of the insurance sector and develop business opportunities in this field. The whole funding round totals €8M.
Funded by BNP Paribas Cardif and managed by Cathay Innovation, a leading global venture capital firm, C. Entrepreneurs supports startups from all countries that develop technologies and services that are reshaping the insurance world. C. Entrepreneurs will help Stratumn accelerate its strategy by focusing on business development and product design, as well as attracting talented individuals to join Stratumn’s international team.
The insurance sector is key to Stratumn’s Proof of Process Technology since the industry heavily relies on processes that involve numerous parties, whether partners or competitors, who need to exchange information in a fast, traceable, secure, auditable and confidential manner. It therefore represents a significant business potential for Stratumn.
Stratumn has already developed more than ten projects with large companies in the insurance, financial and supply chain fields and is currently France’s leading blockchain technology company in terms of staff and project development.
Richard Caetano, Co-founder and CEO of Stratumn stated: “We are delighted to welcome BNP Paribas Cardif among our shareholders through C. Entrepreneurs investment. Their deep expertise in the insurance field will help Stratumn further accelerate the deployment of concrete projects in this field, but also work on the company’s go-to-market strategy thanks to their sound knowledge of distribution networks. We are convinced about the value Stratumn can bring to the insurance industry and many others by using the blockchain technology and advanced cryptography to streamline interenterprise processes. We are looking forward to exploring every collaboration opportunity that this strategic investment will open.”
Thibaut Schlaeppi, Head of Startup relations & investments at BNP Paribas Cardif, added: “In insurance, business operations are often spread across several stakeholders, and this is the very case in BNP Paribas Cardif's B2B2C environment. Stratumn's technology not only could reshape endto-end processes management, but should also help tackle the stakes of privacy compliance, thanks to advanced cryptography. We are thrilled to partner with Stratumn and support their development.”
Jean-François Cochy, Principal at Cathay Innovation, concluded: “Stratumn is by all standards one of the most promising companies in the field of Enterprise blockchain and we are deeply convinced of its potential in France and internationally. We are very happy of this new investment as part of our strategic partnership with BNP Paribas Cardif and are looking forward to working with Stratumn team on its development plan.”