Insurtech startup OneDegree closes extended Series A over US$30M
Hong Kong-based OneDegree, an insurance technology startup under Cyberport Incubation Programme, has extended its Series A round and closed at over US$30 million.
The company previously announced a US$12.7 Series A close back in September, 2018.
The extended round is led by BitRock Capital, a fund manager sponsored by GLP with over US$64 billion of global assets under management. The round is joined by Cyberport Macro Fund, Cathay Venture, and previous investors from the first Series A raise.
OneDegree said it plans to use the funds to scale its end-to-end digital insurance platform, launch new product offerings in Hong Kong, and focus on more growth opportunities.
OneDegree offers a platform that provides an interface for the consumer to manage their insurance policies. What differentiates OneDegree from its peers is it has a back-end system that enables automation of traditionally manual insurance processes with data and analytics capabilities that helps increase efficiency for the company.