Hong Kong-based OneDegree, an insurance technology startup under Cyberport Incubation Programme, has extended its Series A round and closed at over US$30 million.

The company previously announced a US$12.7 Series A close back in September, 2018.

The extended round is led by BitRock Capital, a fund manager sponsored by GLP with over US$64 billion of global assets under management. The round is joined by Cyberport Macro Fund, Cathay Venture, and previous investors from the first Series A raise.

OneDegree said it plans to use the funds to scale its end-to-end digital insurance platform, launch new product offerings in Hong Kong, and focus on more growth opportunities.

OneDegree offers a platform that provides an interface for the consumer to manage their insurance policies. What differentiates OneDegree from its peers is it has a back-end system that enables automation of traditionally manual insurance processes with data and analytics capabilities that helps increase efficiency for the company.

“Our strategy is not to compete for head-on with traditional insurers, but rather to work together, steering the whole industry towards a fully digital ecosystem,” said Alvin Kwock, Co-founder of OneDegree.

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According to Dr. Alfred Shang, Managing Partner of Bitrock Capital, Millennials as an insurance consumer l are savvier and 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 demographics,” said Dr. Shang.