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InsurTech OneDegree closes Series B round at $55m

By Leandra Monteiro

July 04, 2023

  • Digital assets
  • Digital Insurance
  • Funding

OneDegree, InsurTech OneDegree Group, Hong Kong-based InsurTech announced that it has closed the second tranche of its Series B funding round taking its Series B round to $55 million.

The new funding will be used to expand OneDegree Group’s digital assets insurance business and InsurTech offerings globally as well as to broaden the product offering and deepen the market penetration of its direct-to-consumer insurance products.

OneDegree Group has delivered solid revenue growth in the past 2 years, with monthly revenue rising by 4x, led by strong organic growth of direct-to-consumer products, from pet, fire and home to medical insurance. At the same time, the portfolio’s loss ratio improved significantly by around 40%.

OneInfinity by OneDegree is the first direct insurer for digital assets in Asia, supported by strong global reinsurance partners. Within the past 14 months, OneInfinity already has a proven track record in protecting over a dozen virtual asset exchanges, custodians and asset managers, with over 100 requests for coverage.

“We have successfully achieved product market fit, which is a testament to the team’s relentless focus on delivering customer-centric products. We have also demonstrated the scalability of our technology-driven business model, as reflected in our operational and financial metrics,” said Alvin Kwock, Co-founder and CEO of OneDegree Group. “It is a real seal of approval to receive such strong backing from the market during this challenging fundraising environment. We’re delighted to welcome new investors and strategic partners in this latest closing, alongside our three largest existing institutional investors who also participated.”

“We are incredibly proud of the strides we have made in a short span of time,” said Alex Leung, Co-founder of OneDegree Group. “Our strong growth in the digital assets insurance space reflects the industry’s trust in our #pioneering capabilities and expertise. With the integration of Microsoft’s Azure OpenAI into our IXT | insurtech and Cymetrics solutions, we are not just staying ahead of the curve but shaping the future of the insurance industry. Through relentless innovation and collaboration with global partners, we remain dedicated to empowering both traditional and digital insurers and contributing positively to the insurance ecosystem.”

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