Hong Kong pet insurer OneDegree completes funding round
05:58, 30 August 2021
Hong Kong-based pet insurance start-up OneDegree has raised USD28m in latest funding round, bringing its total fund raising since inception to USD70m.
Sun Hung Kai & Co and AEF Greater Bay Area Fund and six existing investors took part in the series B1 round, OneDegree said in a statement on Monday (30 August). The fresh fund will be used to expand the company’s expansion across Asia.
Founded in 2016, the insurance start-up – which offers coverage for pets such as cat and dog as well as fire - received virtual insurance licence in Hong Kong in 2020, according to its website.
Hiring spree
"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," said co-founder Alvin Kwock.
To accommodate its Asian expansion, the company plans to double its staff to 300 over the next 12 months. OneDegree currently has operations in Hong Kong, Taipei, Shenzhen and Singapore.
Its investors also include Cathay Venture, a subsidiary of Taiwan’s major financial group Cathay Financial Holding and BitRock Capital, an investment firm sponsored by Singapore’s GLP.