OneDegree, a Hong Kong-based InsurTech company, raised $28 million in a Series B1 funding round. This funding round propels OneDegree's ambition to become the next-generation leader in the InsurTech industry in the region.
The funding round attracted participation from new investors, including the direct investment unit of Sun Hung Kai & Co. and AEF Greater Bay Area Fund, along with six existing investors who continued to support OneDegree's growth trajectory.
The latest funding round brings OneDegree's total funds raised to over $70 million, showcasing strong investor support for the company's growth since its previous funding round.
The newly acquired funds will be allocated towards investing in new technology, product development, and expanding both the Business to Consumer (B2C) and Business to Business (B2B) segments.
To facilitate its expansion across Asia, OneDegree plans to double its headcount to 300 employees within the next 12 months. Simultaneously, the company aims to strengthen its strategic partnerships in Asia Pacific and Europe, with a long-term vision of becoming a global InsurTech business with a presence on five continents within the next five years.
“OneDegree has been going from strength to strength. This latest funding round is a testament to our achievement and a vote of confidence from both our existing and new investors,” said Alvin Kwock, Co-founder and CEO of OneDegree. “Our ambition is to grow OneDegree Hong Kong into a top three general insurance providers in Hong Kong by 2025 and bring our proven consumer products to key markets across Asia.”
Company: OneDegree Hong Kong Limited
Raised: $28.0M
Round: Series B1
Funding Month: June 2023
Lead Investors:
Additional Investors: Sun Hung Kai & Co. and AEF Greater Bay Area Fund
Company Website: https://www.onedegree.hk/
Software Category: Insurance Solutions
About the Company: Founded in 2016, OneDegree is an insurance technology company that provides a digital insurance platform that enables consumers to purchase and manage their insurance policies. It offers health insurance, home insurance, pet insurance, fire insurance, and more. The company has operations in Hong Kong, Taipei, Shenzhen, and Singapore.
Source: https://www.onedegree.hk/en-us/news/onedegree-completes-seriesb1-funding-round-in-major-step-to-become-asias-insurtech-leader