Hong Kong’s digital insurer OneDegree Group announced that it has secured an additional US$27 million to close its Series B funding round at US$55 million. The fundraise was joined by existing investors Gobi Partners, Sun Hung Kai and Bitrock.

The firm had previously bagged a US$28 million Series B1 in August 2021. This brings its total funds raised to over US$97 million.

According to OneDegree, it will use the new funds to expand its digital assets insurance business and insurtech offerings globally.

The firm is looking to broaden its product offering and deepen the market penetration of its direct-to-consumer insurance products.

OneDegree has reported solid revenue growth in the past 2 years with monthly revenue rising by 4x, led by growth of its direct-to-consumer products, from pet, fire and home to medical insurance.

At the same time, OneDegree said that its portfolio’s loss ratio improved by around 40% through its data analytics capability for precision pricing and fraud detection.

The group aims to achieve profitability by the end of 2024.

“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.”

said Alvin Kwock, Co-founder and CEO of OneDegree Group.

“We are incredibly proud of the strides we have made in a short span of time. Our strong growth in the digital assets insurance space reflects the industry’s trust in our pioneering capabilities and expertise.

 

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.”

said Alex Leung, Co-founder of OneDegree Group.