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May 13, 2019

OneDegree extends Series A round to $30m

OneDegree, a Hong Kong-based insurance technology start-up, has raised fresh funding under its “A2” round to accelerate the launch of its online insurance platform.

The latest round is part of ‘Series A’ round initially started in September last year, when the company secured $12.7m.

With the latest funding, the company so far has secured a total of $30m.

The A2 round was led by investment firm BitRock Capital and also joined by Cyberport Macro Fund, Cathay Venture and investors from its initial Series A round.

OneDegree intends to use the proceeds to launch new products in Hong Kong and search new growth opportunities in other markets.

OneDegree’s online insurance platform uses data analytics and helps consumers and insurance providers to connect each-other easily.

Its platform supports all personal-line general insurance and health insurance products. The company has teamed up with major insurance, reinsurance and health services to pilot its technology.

OneDegree co-founder Alvin Kwock said that the company’s strategy is “not to compete for head-on with traditional insurers, but rather to work together, steering the whole industry towards a fully digital ecosystem”.

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