B3i Makes Its Group Of Investors More Extensive
B3i is a blockchain-based insurance transaction platform based in Sweden. Interestingly, the firm has managed to expand its group of investors in a continuous funding round. The company made the reveal via an official press release.
Further Expanding Its Pool Of Investors
According to the release, the platform included at least three new insurer and reinsurers, all of which are expected to participate in its current funding rounding. It also explains in its announcement that the very first phase of the product is set for a launch come fourth quarter of this year, although this is still being under heavy evaluation.
Invitations for the second wave of investors, on the other hand, are officially extended. It appears that B3i is looking to expand its pool of investors further.
Moreover, the company revealed that it just created a Board of Directors that feature around nine senior executives – all coming from investor companies. Antonio Elliot is expected to be the chairman of the Board. It is worth noting that he is also Zurich Insurance Company Ltd’s Group Head of Business Transformation.
Expansion After Initial Release Of Products
B3i does not only offer a community of shareholders, but it also features other network participants. All in all, the count is believed to exceed 40 companies that represent more than half of the global reinsurance premium, as well as those major primary insurers.
Regardless, the company is still planning to expand its shareholders. The same thing can be said for its user base, as per the release. Even more so, this expansion is expected to be performed in the next coming months, particularly during the time when its initial products are released officially.
By essence, B3i is a blockchain initiative completely focused on multi-firm syndicated risk replacement, claims, and even accounting. The firm was successful in creating a product that is based on the distributed ledger technology from R3 Corda. The DLT, in particular, is designed to significantly increase efficiency and security of the insurance sector.
Funding History
As previously reported, B3i was able to obtained at least $16 million back in February, having the ability to maximize all of its capital to around $22.6 million. The firm also raised about $8.34 million in cash, while the remaining part of the total reached $7.9 million and was converted to debt.
Furthermore, at the same month, the trade finance platform of R3, which is Marco Polo, managed to complete its very first real transaction between China and Germany. The event is believed to include at least two German companies.