OneDegree Group has closed a $55 million Series B round, that is set to strengthen its expansion into digital assets insurance and generative AI-enabled insurtech solutions.
The funding will also be used to broaden the company’s product offering, and further expand the market of its direct-to-consumer insurance products.
Thomas G. Tsao, Co-founder of Gobi Partners, commented: “Our continued investment in OneDegree Group underscores our confidence in their robust team, sustainable operations, and relentless innovation.
“Their expanding presence across Asian markets and beyond signifies the vast potential of their pioneering insurance solutions, promising a bright, global future.”
Over the last two years, OneDegree Group has managed to deliver solid revenue growth, with monthly revenue increasing by 4x, strongly led by organic growth of direct-to-consumer products from pet, fire, and home to medical insurance.
Elsewhere, the company’s portfolio’s loss ratio improved by around 40%, attributable to data analytics capability that drives precision pricing and fraud detection.
Alvin Kwock, Co-founder and CEO of OneDegree Group, said: “We have successfully achieved product market fit, which is 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.
“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.”
Alex Leung, Co-founder of OneDegree Group, added: “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.
“With the integration of Microsoft’s Azure OpenAI into our IXT and Cymetrics solutions, we are not just staying ahead of the curve but shaping the future of the insurance industry. 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.”
