Industry-led blockchain initiative B3i has closed it ongoing Series B funding round with the addition of Turkey domiciled reinsurer Türk Reasürans as a new shareholder
This new addition joins alongside further investments from existing shareholders and is seen by B3i as a step forward in its growth plans.
B3i now boasts 21 leading insurers and reinsurers from five continents with offices in over 100 countries.
Following the recently announced partnerships with TCS and msg, the current funding will be used to help B3i accelerate its roadmap of delivering Distributed Ledger Technology-based solutions for the insurance industry.
“It’s not a coincidence that we are the first Turkish investor of B3i to be improving global insurance standards using blockchain technology,” said Selva Eren, Chief Executive Officer of Türk Reasürans.
“This partnership is one of the concrete steps that we have taken to actualize our vision of creating global value. We are happy to be one of the key actors that are shaping the future of insurance for the better.”
John Carolin, CEO of B3i Services AG, added, “We appreciate the continued backing we have from our existing shareholders and welcome Türk Reasürans as a new shareholder.
“We’ve made significant progress in our ability to rapidly deliver enterprise solutions on top of our Fluidity platform. With this capital raise, we look forward to expanding our network, deploying a growing number of partner and customer sponsored applications, and growing revenue in 2021.”
Antony Elliott, Chairman of the Board of B3i, noted, “B3i is rapidly executing on its plan to enrich post-placement functionality of its reference reinsurance application, B3i Re.
“At the same time, the team is actively facilitating and developing innovative customer and third-party applications built on Fluidity.”