Insurance blockchain firm B3i closes Series B investment

B3i Services AG has recently completed the first closing of its Series B funding round. In addition to further investments from existing shareholders, Türk Reasürans has become the latest investor in B3i. This continues to expand B3i’s global footprint to include 21 insurers and reinsurers from five continents with offices in over 100 countries.

“It’s not a coincidence that we are the first Turkish investor of B3i to be improving global insurance standards using blockchain technology. 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.” – Ms. Selva Eren, CEO of Türk Reasürans.

“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.” – John Carolin, CEO of B3i Services AG.

Following the recently announced partnerships with TCS and msg, the current funding will allow B3i to accelerate its roadmap of delivering DLT-based solutions for the insurance industry.

“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.” – Antony Elliott, Chairman of the Board of B3i.

B3i has established a network, built a platform and together with partners is enabling an ecosystem of third-party applications, which create value for all participants in the insurance industry. At its core, B3i is focused on mutualizing protocols that remove wasteful administration, allowing individual companies to pursue differentiating digital transformation strategies.