OneDegree Completes Series B1 Funding Round in Major Step to Become Asia’s InsurTech Leader

HONG KONG SAR – Media OutReach – 30 August 2021 – OneDegree, one of Asia’s fastest growing InsurTech
companies, today announces that it has raised USD28 million in a Series B1
funding round, as it accelerates to be the next-generation InsurTech leader in
the region.

The
latest round brings the total funds raised by OneDegree to date to over USD70
million, demonstrating investors’ strong reception to the growth delivered by
the Group since its previous funding round. The new funds will be used for
OneDegree’s investment in new technology, product development and expansion
across both Business to Consumer (B2C) and Business to Business (B2B) segments.

To
complement its expansion in Asia, the Group plans to double its headcount to
300 over the next 12 months. At the same time, it is deepening its strategic
partnerships in Asia Pacific and Europe, with the aim of becoming a global
InsurTech business with presence in five continents within the next five years.

“OneDegree has been going from strength
to strength. This latest funding round is a testament to our achievement and a
vote of confidence from both our existing and new investors,” said Alvin Kwock,
Co-founder of OneDegree. “Our ambition is to grow OneDegree Hong Kong into a top three general insurance
providers in Hong Kong by 2025 and bring our proven consumer products to key
markets across Asia.”

Alex
Leung, Co-founder of OneDegree, 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.”

This
Series B1 funding round includes participation from new investors, including
the direct investment unit of Sun Hung Kai & Co. and AEF Greater Bay Area
Fund, along with six existing investors.

Lincoln
Yeh, Co-Head of Private Equity at Sun Hung Kai & Co. said: “The OneDegree
team impressed us with the thoughtfulness behind their multi-line product
roadmap, as well as their modular, enterprise SaaS offering. We believe that
with the founding team’s deep expertise across insurance and technology,
OneDegree is well-positioned to become a leading virtual insurer for markets
across Asia. We are excited to partner with OneDegree as part of Sun Hung Kai
& Co’s direct investments strategy.”

“We
have been tracking OneDegree since its Series A Round, when Alibaba Hong Kong
Entrepreneurs Fund (AEF) first invested. Since then, we have been impressed by
how OneDegree is delivering on its business growth. As OneDegree further
expands in Asia, it makes perfect sense for us to select OneDegree as one of
the first investments for the AEF Greater Bay Area Fund”, said Chibo Tang,
managing partner of Gobi Partners, the general partner of the AEF Greater Bay Area
Fund.