Hong Kong-based digital insurtech OneDegree has secured an additional $27 mn in Series B funding, taking the total for this round to $55mn.
It’s similar to the amount the company raised almost two years ago, as part of the first tranche of Series B cash, when OneDegree US$28 mn in Series B.
OneDegree Hong Kong is a next generation insurer and holder of a virtual license granted by the Hong Kong Insurance Authority.
Our mission is to make insurance more accessible through technology, innovative user experience, and diversified protection for both individuals and enterprises.
The company, which is best known for pet insurance and home insurance, says the fundraising comes on the back of strong revenue growth across all business units as well as “market-leading innovations in digital assets insurance and generative AI-enabled insurtech solutions.
It is a real seal of approval to receive such strong backing from the market during this challenging fundraising environment. We’re delighted to welcome new investors and strategic partners in this latest closing, alongside our three largest existing institutional investors who also participatedAlvin Kwock, Co-Founder and CEO of OneDegree Group
OneDegree has seen monthly revenue rise by fourfold, driven by strong organic growth in direct-to-consumer (D2C) products – including pet, fire, home and medical insurance.
The growing company has also improved its loss ratios by around 40%, it says, which it describes as a clear path to achieving profitability by the end of next year.
In April 2022, the company signed a partnership with Munich Re to launch OneInfinity, a direct insurer for digital assets that mirrors the rising popularity of crypto and NFTs.
OneDegree will use the latest funding to broaden its product offering, expanding into new insurance lines and doubling down on its existing D2C products.
With the integration of Microsoft’s Azure OpenAI into our IXT and Cymetrics solutions, we are not just staying ahead of the curve but shaping the future of the insurance industryAlex Leung, co-founder OneDegree
Through relentless innovation and collaboration with global partners, we remain dedicated to empowering both traditional and digital insurers and contributing positively to the insurance ecosystem.
OneDegree does not have a broker or intermediary, but for any questions or difficulties related to insurance products, as well as enrollments or claims, insurtech have a dedicated person to help at any time.
by Peter Sonner