Hong Kong-based InsurTech company OneDegree has extended its Series A round to over $30m.
The supplementary funding was led by FinTech-focused private equity firm BitRock Capital. Other contributions came from Cyberport Macro Fund, Cathay Venture and even some of those that invested in the initial Series A round.
Having closed the round, the startup is looking to reinforce its end-to-end digital insurance, release new products in Hong Kong and explore additional growth opportunities such as the greater bay area.
Initially, the InsurTech raised around $25.5m for its Series A round which closed back in September 2018. Investors of the round were not disclosed; however, they were described as “well-known insurance and technology investors.”
Founded in 2016, the company offers an improved insurance interface which helps to give consumers a streamlined insurance experience. The solution is powered by automation, removing the needs of filling in forms manually and replacing it with a digital method which lets users get quote, buy a policy and settle a claim online.
The InsurTech supports all personal-line general insurance and health insurance products, and partners with organisations in insurance, reinsurance and health services to pilot its technology.
Bitrock Capital managing partner Alfred Shang said, “The emergence of new players with game-changing technology such as OneDegree is creating a momentum that cannot be ignored.
“Millennials as a consumer group are savvier and they want more personalisation and convenience. It’s inevitable that the insurance industry will have to rethink the traditional model and innovate to keep up with the changing demographic.”