<article><a href="https://www.dealstreetasia.com/?s=OneDegree" target="_blank" rel="noopener noreferrer">OneDegree</a>, a Hong Kong-based insurance technology startup, on Thursday announced that it has raised a total of over $30 million in an extended Series A round.</article>

<a href="https://www.dealstreetasia.com/?s=OneDegree" target="_blank" rel="noopener noreferrer">OneDegree</a>, a Hong Kong-based insurance technology startup, on Thursday announced that it has raised a total of over $30 million in an extended Series A round.
The A2 round was led by <a href="https://www.dealstreetasia.com/?s=BitRock+Capital" target="_blank" rel="noopener noreferrer">BitRock Capital</a>, an investment manager sponsored by GLP, a $64 billion asset manager, according to an announcement. Other investors participating in the Series A extension round include Cyberport Macro Fund and Cathay Venture.
OneDegree offers a fully digital insurance platform that it claims enables automation of traditionally manual insurance processes.  OneDegree Hong Kong Limited, its wholly owned subsidiary, is one of the few candidates under consideration for a digital insurer license in Hong Kong.
&#8220;The emergence of new players with game-changing technology such as OneDegree is creating a momentum that cannot be ignored. Millennials as a consumer group are savvier and they want more personalisation and convenience. It’s inevitable that the insurance industry will have to rethink the traditional model and innovate to keep up with the changing demographic,&#8221; said Dr. Alfred Shang, Managing Partner of Bitrock Capital.
The startup said it intends to use the funds to accelerate its digital insurance platform, launch new product offerings in Hong Kong, and explore growth opportunities including the &#8216;Greater Bay Area&#8217;, an integrated economic hub that connects the cities in China, Macau and Hong Kong.
“It is an opportune time for Hong Kong to secure its place as a leader in InsurTech in the region. ‘Greater Bay Area’ zone, home to almost 70 million people, will be a tremendous market for the city’s insurers when it is executed,” said OneDegree co-founder Alex Leung.
The company held the first close for its Series A round at about $25.5 million last year with contributions from institutional investors and family offices.
The company had earlier participated in Cyberport, a Hong Kong government incubation programme, and raised more than $10 million from it.
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OneDegree said it intends to use the funds to accelerate its digital insurance platform and launch new product offerings in Hong Kong.

Hong Kong insurtech startup OneDegree's Series A total tops $30m

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Hong Kong insurtech startup OneDegree's Series A total tops $30m

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