French blockchain startup Stratumn has raised a further €1 million for its Series A round led by BNP Paribas Cardif’s C. Entrepreneurs fund.
The additional funding brings the round to a total of €8 million following the announcement of its €7 million cash injection during the summer from CNP Ventures, Nasdaq, Digital Currency Group, and Otium Venture.
Stratumn builds blockchain-based tools for securing enterprise processes, mostly in the insurance sector to help providers remain compliant. The new funds will boost the company’s business and product development as well as expansion into the US market.
“[BNP Paribas Cardif’s] 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,” said Richard Caetano.
“In insurance, business operations are often spread across several stakeholders, and this is the very case in BNP Paribas Cardif's B2B2C environment,” added Thibaut Schlaeppi, head of startup relations and investments at BNP Paribas Cardif. “Stratumn’s technology not only could reshape end-to-end processes management, but should also help tackle the stakes of privacy compliance, thanks to advanced cryptography.”