Hong Kong-based OneDegree, an Insurtech firm under the Cyberport Incubation Program, revealed on August 30, 2021 that it has secured $28 million in capital through a Series B1 round. The company has secured more than $70 million, to date.
As noted by its management:
“In the last 5 years, we’ve worked hard to become a full-stack TechInsurer, and to leverage our proprietary technology to drive product innovation and provide seamless insurance experience to customers. We’ve also helped leading global insurers across Asia to digitalise securely, and have enabled them to enhance operation agility and quicken new product time-to-market.”
The Insurtech firm added:
“We express our gratitude to investors for the vote of confidence, and for supporting us as we move to the next level. Also a big thanks to our customers and business partners for their trust in us!”
OneDegree’s Series B1 investment round includes contributions from several new investors, including the direct investment division of Sun Hung Kai & Co. and AEF Greater Bay Area Fund, as well as six of its existing investors.
The Insurtech company stated that the proceeds will be channeled towards its new technology, product development and expansion across Business-to-Consumer (B2C) and Business-to-Business (B2B) verticals.
In order to support its business expansion into Asian markets, OneDegree intends to double its headcount to 300 in the coming year, the announcement revealed. The firm will also be strengthening its partnerships in the Asia Pacific (APAC) region and Europe, with the stated goal of maintaining a presence in five continents within the next 5 years.
Alvin Kwock, Co-founder of OneDegree, remarked:
“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. 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.”
Alex Leung, Co-founder of OneDegree, added:
“With our IXT technology solutions, OneDegree is already embarking on its plans to be a leading B2B technology player in the global insurance space. We see increasing demands for IXT, as more and more insurance ecosystem participants are partnering with OneDegree Global to leverage the power of our technology solutions to generate sales growth and deliver business results.”