The company, best known for its range of insurance products for pets, has investors in the likes of the Alibaba GBA Fund and Cyberport Macro Fund
OneDegree Group, a Hong Kong and Singapore-based insurtech company, has closed its Series B funding round at $55 million, with continued participation from venture capital company Gobi Partners, as well as BitRock Capital and Sun Hung Kai.
The company recently secured an additional $27 million for the round, on top of the $28 million it raised in August 2021.
The team credited the high investment yield in this round to the strong revenue growth in the last two years across its business units and innovations. Monthly revenue, it said, rose by four times, led by strong organic growth of its direct-to-consumer products.
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Alvin Kwock, OneDegree Group’s co-founder and CEO, said, “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.”
On the round closure, he said, “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.”
OneDegree was started in 2016 with the goal of simplifying insurance using technology. Best known for its pet insurance, it has since expanded its portfolio to offer a wider range of products covering fire, home and medical care.
