OneDegree, a Hong Kong-based insurtech startup under the Cyberport Incubation Programme, announced that it has raised US$28 million in a Series B1 funding round, bringing its total funds raised to over US$70 million.

This Series B1 funding round includes participation from new investors, including the direct investment unit of Sun Hung Kai & Co. and AEF Greater Bay Area Fund, along with six of its existing investors.

The insurtech said that the new funds will be used for its investment in new technology, product development and expansion across both Business-to-Consumer (B2C) and Business-to-Business (B2B) segments.

To complement its expansion in Asia, OneDegree plans to double its headcount to 300 over the next 12 months.

At the same time, the firm added that it is deepening its strategic partnerships in Asia Pacific and Europe, with the aim to have a presence in five continents within the next five years.

Alvin Kwock, Co-founder of OneDegree said,

“OneDegree has been going from strength to strength. This latest funding round is a testament to our achievement and a vote of confidence from both our existing and new investors.

 

Our ambition is to grow OneDegree Hong Kong into a top three general insurance providers in Hong Kong by 2025 and bring our proven consumer products to key markets across Asia.”

Alex Leung, Co-founder of OneDegree said,

“With our IXT technology solutions, OneDegree is already embarking on its plans to be a leading B2B technology player in the global insurance space.

 

We see increasing demands for IXT, as more and more insurance ecosystem participants are partnering with OneDegree Global to leverage the power of our technology solutions to generate sales growth and deliver business results.”