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InsurTech start-up OneDegree attracts BitRock, Cyberport Macro Fund, Cathay Venture in Series A extension

Cyberport incubatee and online insurer candidate OneDegree has successfully extended its Series A round, bringing the total amount raised to more than US$30 million.

 

The home-grown InsurTech firm plans to use the new capital to accelerate the scaling of its end-to-end digital insurance platform, launch new products in Hong Kong, and explore growth opportunities in the Greater Bay Area and beyond.

 

The capital injection, which is subject to regulatory approval, was led by BitRock Capital, Cyberport Macro Fund, Cathay Venture, and previous investors from its Series A round seven months ago.

 

The earlier fundraising was already the largest amount secured by a pre-revenue InsurTech start-up in Hong Kong at that time and placed OneDegree as one of the five Cyberport start-ups to have raised more than US$20 million, which also includes Gogovan, Klook, TNG and Snapask.

 

OneDegree’s first product will be medical insurance for pets, a highly underserved market in Hong Kong with immense growth potential. After its launch, the company will expand its offering to other areas including travel, cyber and health insurance.

Its proprietary platform enables modern-day consumers to manage their insurance policies in a way that fits their digital lifestyle. The company’s powerful back-end system automates insurance processes traditionally done manually and dramatically increases efficiency through the company’s data and analytics capabilities – a key strength of OneDegree.

 

Co-founder and former JPMorgan banker Alvin Kwock said that the company’s strategy is “not to compete head-on with traditional insurers”, but rather to steer the industry towards a fully digital ecosystem.

 

Co-founder and insurance industry veteran Alex Leung added that the Greater Bay Area and its combined population of 70 million present unprecedented opportunities for insurers, and Hong Kong is primed to capitalise on the development and cement its standing as an InsurTech leader.