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Hong Kong insurance tech startup OneDegree extends its Series A to a total of $30 million

OneDegree, an guarantee technology startup based in Hong Kong, has announced it has extended its Series A round to $30 million, up from the $25.5 million it announced in September. Its increase, which the company is calling its “A2” round, was led by BitRock Capital, an investment firm that focuses on business tech. Cyberport Macro Fund, Cathay Venture and investors from its initial Series A too participated.

The company is preparing to launch its online policy stage, designed to stir buying coverage plans easier for both consumers and providers by using data analytics to automate the most dreary parts of the process. The companionship will start with medical coverage for babies after its permission is approved by the Hong Kong Insurance Authority before expanding into other produces, including expedition, cyber and human medical insurance.

In a press statement, OneDegree co-founder Alvin Kwock said its strategy is “not to compete head-on with traditional insurers, but preferably to be involved, steering the whole industry towards a perfectly digital ecosystem.”

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About the author, Gregg Kell

Entrepreneur, Business Success Partner and Shaping The Future Podcast Host.

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