Pet insurance company OneDegree bags Series B1 to support five-year expansion plan

OneDegree, which claims to be one of the fastest growing InsurTech companies in Asia, has raised $28m in its Series B1 funding round.

The capital injection will help the company continue its development, with plans to double its headcount to 300 in the next 12 months. Funds will be used to develop its technology, build new products and expand across the B2B and B2C segments.

Its growth efforts will also see OneDegree deepen strategic partnerships in Asia Pacific and Europe.

Hong Kong-based OneDegree aims to be a global InsurTech business with presence in five continents within five years.

Contributions to the Series B1 round came from Sun Hung Kai & Co. and AEF Greater Bay Area Fund as well as six existing investors.

Founded in 2016, OneDegree aims to make pet insurance more available to consumers. Its policies currently cover cats and dogs.

OneDegree co-founder Alex Leung 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. The reach of OneDegree’s technology is global, bringing positive impact to insurance businesses and end customers.”

With the close of the round, the InsurTech company has raised a total of $70m in funding. The company previously raised $30m in its Series A round back in 2019.

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