Blockchain startup Stratumn has successfully raised €7 million in a Series A funding round that saw investments from Nasdaq, Digital Currency Group, Open CNP, the Corporate Venture arm of CNP Assurances and Otium Venture.
The release stated that the funding follows one year after its seed financing. The latest funding marks the largest funding round to date in the European blockchain and data security ecosystem.
“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,” Richard Caetano, Co-founder and CEO of Stratumn, declared. “The successful closing of this round, as well as our investor's commitment as strategic partners, is rocket fuel which will power the development and launch of Proof of Process Technology.”
The round marks a major step of Stratumn, as it will allow the company to foster development by focusing on research, product design and business development. The closure of Series A round will also attract talented individuals to join its international team, as the company aims to double the size of employees by the end of 2018.
Stratum has a record of completing more than 10 projects with large companies such as CNP Assurances, Allianz France, Nasdaq, Thales, among others and the company currently stands as France's leading company using the blockchain technology in terms of staff and projects development.
The company will utilize the funding for development and expansion into the U.S. With the expansion, Stratum will become closer to key stakeholders and decision centres in their core market segments.
“An investment in Stratumn was a natural development for us given the experimentation projects we have successfully executed with Richard and his team over the past year. We look forward to furthering our relationship between Stratumn and our technology team by collaborating on developing and applying unique financial technology that will bolster and strengthen the current and next generation products for our customers and ourselves,” Nasdaq Head of Corporate Strategy Jean-Jacques Louis said.
Also, Stratumn and Nasdaq have entered into a development partnership that will leverage Stratumn’s Proof of Process Technology to enhance the software solutions and products for the capital markets. In particular, it will improve Nasdaq's Market Technology business and its own enterprise technology unit.
