Hong Kong-Based OneDegree Raises $30M
OneDegree , a Hong Kong-based insurance technology startup has extended its Series A round to $30m; bringing its total funding to date to $30m. The A2 round is led by BitRock Capital, with participation from Cyberport Macro Fund, Cathay Venture, and previous investors from Series A.
The company offers a digital platform for consumers to manage policies online. “But what differentiates OneDegree from its peers is its powerful back-end system that enables automation of traditionally manual insurance processes and dramatically increases efficiency for the company through its data and analytics capabilities.”
“Support from our investors underscores our potential to be the driving force for change in the insurance sector. Our strategy is not to compete head-on with traditional insurers, but rather to work together, steering the whole industry towards a fully digital ecosystem.” – Cofounder of OneDegree, Alvin Kwock.
As an example, OneDegree has partnered with Cigna to offer life insurance quotes direct-to-consumer. Have a look: