Insurers’ venture funds back software maker One, Inc with $15.5m

Insurance software provider One, Inc has picked up $15.5m in a new funding round co-led by American Family Ventures, the venture arm of the US insurance firm and Centana Growth Partners.

Existing backers AXA Strategic Ventures and MassMutual Ventures also participated.

The funding follows the firm’s December Series B round led by AXA Strategic Ventures that saw it raise $20m.

One, Inc’s SaaS platform is designed to modernise insurer’s businesses by providing multiple core insurance software functions.

These include policy administration, claims and billing with data analytics, CRM, payment processing and agency management.

One, Inc CEO and president Christopher Ewing said: “As we move into the execution phase of our business, we are excited to have Centana and American Family as part of our team as both firms have deep expertise in growing SaaS based P&C businesses.”

The company says it will use the capital to meet demand having grown 100% annually over the past few years.

The investment will also be used to expand One, Inc’s team and geographical presence and takes its total funding to more than $52m.

American Family Ventures managing director Dan Reed commented: “Our investment in One, Inc. aligns with American Family Ventures’ commitment to strategic investments in emerging technologies and other solutions that can benefit insurance consumers and generate financial returns.

“By achieving that dual objective, we create a continuum of customer-driven innovation that helps to differentiate American Family Insurance in the marketplace.”

Copyright © 2017 FINTECH GLOBAL

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