Blockchain insurance startup B3i secures $16M in latest funding

B3i, a blockchain startup focused on the insurance industry, has raised around $16 million in the latest round, CoinDesk reported referring to registry filings in Switzerland.

Initially launched as a consortium in 2016 by Aegon, Allianz, Munich Re, Swiss Re, and Zurich, B3i aims to help insurers and reinsurers to get a better insight into the applicability of the blockchain technology in the insurance market. It was incorporated in March 2018 and had raised 6.3 million Swiss francs (about $6.35 million) around that time.

In a press release dated April 13, 2018, B3i said that it had started structuring its 2nd funding round, adding that it will be a “private placement for institutional investors only.” Later in November, B3i CEO Paul Meeusen told Intelligent Insurer:

“We are currently about to complete a funding round working with existing and new shareholders mainly focusing on re/insurers and brokers.”

“In commercial insurance, our first focus will be property insurance, specifically in five EU countries, namely France, Germany, Italy, Spain and the UK, as well as in the US.”

The latest funding comprises of $8.34 million in cash and the rest as converted debt. It brings B3i’s total capital to over $22 million to date.

Furthermore, the company’s board has also undergone some major changes with the addition of new executives from existing consortium members.

Gerhard Lohmann, CFO of reinsurance at Swiss Re, left his position on the B3i board and was replaced by Theo Bachmann, a managing director and the head of the property and casualty (P&C) insurance underwriting center at Swiss Re.

In June 2018, B3i announced that it will leverage R3’s Corda blockchain platform to build its applications and business network.