Hong Kong Insurtech OneDegree Closes Over US$ 30 Million in Extended Series Aby Fintech News Hong Kong May 9, 2019
OneDegree, a Hong Kong-based insurance technology start-up under Cyberport Incubation Programme, extends its Series A round to above US$30 million, subject to regulator’s approval.
The extended round is led by BitRock Capital and it sees participation from Cyberport Macro Fund, Cathay Venture, and previous investors from its Series A.
OneDegree intends to use the funds to accelerate efforts to scale its end-to-end digital insurance platform, launch new product offerings in Hong Kong, and explore growth opportunities including the “Greater Bay Area” initiative. It’s co-founder Alex Leung added that it is an opportune time for Hong Kong to secure their leadership in the Greater Bay Area.
The insurtech startup claims that its proprietary platform provides a seamless and intuitive interface for the modern-day consumer to manage their insurance policies.
Cyberport’s chairman emphasized in a statement to the media that this is investment into OneDegree reaffirms their commitment to developing Hong Kong as Asia’s leading fintech hub.
Previously OneDegree announced a close of over HKD 100 Million (US$12.7 Million) in September 2018.