Hong Kong-based InsurTech start-up OneDegree has extended its 'Series A' round to over $30m, having raised a sum of $25.48m in September last year which represented the largest ever fundraising round for a pre-revenue InsurTech start-up in the territory. The InsurTech intends to utilise the funds to accelerate efforts to scale its end-to-end digital insurance platform, launch new product offerings in Hong Kong and explore growth opportunities including the 'Greater Bay Area' initiative.

The latest financing round, dubbed as an ‘A2 round’ is subject to regulatory approval and was led by BitRock Capital with participation from Cyberport Macro Fund, Cathay Venture and previous investors from the first Series A round. OneDegree is enrolled under the Cyberport Incubation Programme which provides start-ups with resources to accelerate their growth, including up to HK$500,000 ($63,706) in financial assistance.

“It is an opportune time for Hong Kong to secure its place as a leader in InsurTech in the region. The ‘Greater Bay Area’ zone, home to almost 70m people, will be a tremendous market for the city’s insurers when it is executed,” said OneDegree co-founder Alex Leung.

Founded in 2016, OneDegree’s back-end system enables the automation of traditionally manual insurance processes and seeks to increase efficiency through its data and analytics capabilities. According to co-founder Alvin Kwock, OneDegree’s strategy is to work together with traditional insurers, steering the whole industry towards a fully digital ecosystem.