In the bustling metropolis of Hong Kong, OneDegree, a web-based pet insurance coverage supplier, has made waves with a profitable sequence A funding spherical of over $30 million. The spherical was spearheaded by BitRock Capital, with vital contributions from present buyers reminiscent of Cathay Ventures and Alibaba Entrepreneurs Fund.
A Beacon of Innovation in Hong Kong’s Financial Landscape
With the town’s speedy developments in monetary expertise, OneDegree has emerged as a trailblazer in Hong Kong’s insurtech sector. The firm’s major purpose is to supply complete medical and accident protection for the greater than half 1,000,000 pet dogs and cats within the metropolis, the place solely 3% presently have insurance coverage.
Founded in 2016, OneDegree has carved out a distinct segment for itself within the aggressive world of insurance coverage by specializing in the distinctive wants of pet house owners. The firm’s digital platform permits customers to handle their insurance policies, submit claims, and access veterinary providers with ease.
Albert Cheng, co-founder and CEO of OneDegree, mentioned, “Our mission is to make pet insurance coverage accessible and inexpensive for all pet house owners in Hong Kong. We consider that each pet deserves the absolute best care, and we’re dedicated to offering that via our progressive insurance coverage options.”
Unleashing the Power of Data and Technology
OneDegree’s dedication to technological innovation is clear in its use of information analytics to tell coverage choices and pricing. By leveraging synthetic intelligence and machine studying, the corporate can precisely assess danger elements and tailor protection choices to individual pets’ wants.
This data-driven method not solely advantages pet house owners but in addition positions OneDegree as a frontrunner within the broader insurance coverage business. As the corporate continues to develop, it plans to develop its choices past pet insurance coverage to incorporate different kinds of protection.
According to Ken Li, managing accomplice at BitRock Capital, “OneDegree’s progressive use of expertise units it aside from conventional insurers. We’re excited to help their imaginative and prescient of creating insurance coverage extra accessible and inexpensive for all.”
A Pawsome Future for OneDegree and Hong Kong’s Pets
With the recent infusion of capital, OneDegree plans to reinforce its digital platform, develop new merchandise, and ramp up advertising and marketing efforts to achieve extra pet house owners in Hong Kong. By specializing in buyer expertise and leveraging expertise, the corporate goals to extend pet insurance coverage penetration within the metropolis.
Cheng added, “We’re grateful for the help of our buyers, who share our imaginative and prescient of making a greater future for pets and their house owners. With this funding, we’re well-positioned to seize the expansion alternatives within the area and proceed reworking the insurance coverage business.”
As OneDegree embarks on its mission to offer top-notch protection for Hong Kong’s pets, the corporate’s success story serves as a testomony to the ability of innovation and the potential for monetary expertise to reshape the world.
With the town’s ongoing efforts to speed up monetary innovation, OneDegree’s journey is simply starting. As the corporate continues to develop and evolve, it would undoubtedly be a key participant in shaping Hong Kong’s insurtech panorama for years to return.
