In brief: Hong Kong insurance tech startup raises $12.7m

Via press release:

OneDegree, a Hong Kong-based insurance technology startup under Cyberport Incubation Programme, announced today the full subscription and execution of its series A funding, with investors committing US$12.7 million, plus an additional US$12.7 million for future financial support at the company’s option, subject to regulatory approval.

Founded in 2016, OneDegree is a technology company that aims to be the next-generation insurance industry leader in Asia. It is the first digital insurer candidate in Hong Kong with a fully digitized insurance process end-to-end.

This proprietary platform integrates a user-friendly front-end app, making it easy for consumers to purchase and manage their insurance policies with a powerful back-end system that enables advanced analytics and automation of traditionally manual process across claims processing, policy management, and customer service.

OneDegree, which is pre-revenue, did not disclose its investors.

While mainland China’s tech scene has often overshadowed Hong Kong’s, a number of tech startups in the former British colony have risen to the fore. Examples include Klook, WeLab, and GogoVan, which have seen their valuation soar to the hundreds of millions.