OneDegree, one of Asia’s fastest growing InsurTech companies, today announces that it has raised USD28 million in a Series B1 funding round, as it accelerates to be the next-generation InsurTech leader in the region.
The latest round brings the total funds raised by OneDegree to date to over USD70 million, demonstrating investors’ strong reception to the growth delivered by the Group since its previous funding round. The new funds will be used for OneDegree’s investment in new technology, product development and expansion across both Business to Consumer (B2C) and Business to Business (B2B) segments.
To complement its expansion in Asia, the Group plans to double its headcount to 300 over the next 12 months. At the same time, it is deepening its strategic partnerships in Asia Pacific and Europe, with the aim of becoming a global InsurTech business with presence in 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 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.”
Alex Leung, Co-founder of OneDegree, said: “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. The reach of OneDegree’s technology is global, bringing positive impact to insurance businesses and end customers.”
This Series B1 funding round includes 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.
Lincoln Yeh, Co-Head of Private Equity at Sun Hung Kai & Co. said: “The OneDegree team impressed us with the thoughtfulness behind their multi-line product roadmap, as well as their modular, enterprise SaaS offering. We believe that with the founding team’s deep expertise across insurance and technology, OneDegree is well-positioned to become a leading virtual insurer for markets across Asia. We are excited to partner with OneDegree as part of Sun Hung Kai & Co’s direct investments strategy.”
“We have been tracking OneDegree since its Series A Round, when Alibaba Hong Kong Entrepreneurs Fund (AEF) first invested. Since then, we have been impressed by how OneDegree is delivering on its business growth. As OneDegree further expands in Asia, it makes perfect sense for us to select OneDegree as one of the first investments for the AEF Greater Bay Area Fund”, said Chibo Tang, managing partner of Gobi Partners, the general partner of the AEF Greater Bay Area Fund.