€7 Million: Blockchain Startup Stratumn Completes Series A
Blockchain startup Stratumn has raised €7m in a new Series A round as part of a bid to expand to new markets.
Blockchain startup Stratumn has raised €7m in a new Series A round.
The round was led by CNP Ventures, the venture arm of personal insurance firm CNP Assurances. Nasdaq, Digital Currency Group and Otium Venture also took part in the round, which comes more than a year after it raised €600k in seed funding.
The Paris-based startup said today that it would use the funds to fuel its expansion into the US, as part of a broader product push. Stratumn offers a platform for developing enterprise-level blockchain applications.
Richard Caetano, Stratumn's co-founder and CEO, said in a statement:
"We are very pleased to have successfully closed this Series A round, which represents a major milestone for Stratumn. Our new investors will enable Stratumn to continue and accelerate its development and more effectively address growing needs in our markets."
It's also the first major foray into blockchain for CNP, a major insurer in France which also serves markets elsewhere in Europe and Latin America.
In statements, the insurer noted that its investment in Stratumn forms part of a strategy of investing in startups. CNP has committed €100m to that end, and its participation represents the fourth startup investment it has made since launching the initiative.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Stratumn.
Image via Startumn
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