The company’s strong revenue growth across all business units, coupled with its groundbreaking advancements in digital asset insurance and AI-powered InsurTech solutions, attracted significant investments.
The news also follows on from OneDegree Global’s recent strategic partnership formation with Microsoft Hong Kong.
OneDegree Group has disrupted the insurance industry with its state-of-the-art technology, cybersecurity expertise, and deep understanding of digital assets. Their direct-to-consumer offerings include pet and home insurance, as well as medical coverage, showcasing their dedication to customer-centric design. Additionally, their digital asset insurance division, OneInfinity, has made a significant impact since its launch in 2022 by effectively safeguarding virtual asset exchanges, custodians, and asset managers.
The recently secured funds will fuel the company’s global expansion efforts and enable the diversification of its product portfolio, with a particular focus on digital asset insurance and insurtech solutions. OneDegree Group aims to deepen its market reach for direct-to-consumer insurance products.
The company has demonstrated a clear path to profitability, achieving robust growth in recurring revenue, reducing customer acquisition costs, and significantly improving its loss ratio. These positive indicators suggest that OneDegree Group is on track to reach profitability by the end of 2024.
Alvin Kwock, co-founder and CEO of OneDegree Group, expressed his satisfaction with the company’s achievement of product-market fit and spoke about the team’s commitment to delivering customer-centric products. Kwock also highlighted the significance of receiving strong support from the market during a challenging fundraising environment. The company welcomes new investors and strategic partners alongside its largest existing institutional investors who also participated in the funding round.
The successful Series B funding round builds upon OneDegree Group’s previous milestones, further solidifying its position as an innovative leader in the industry.
