Hong Kong-based online pet insurance company OneDegree has extended its Series A round to US$30 million, up from the US$25.5 million it announced last September.
Its extension, which the company is calling its “A2” round, was led by Shanghai-based BitRock Capital. Hong Kong government-owned Cyberport Fund and Taiwan’s Cathay Venture and investors from its initial Series A also participated.
Set up in 2016 by former JP Morgan banker Alvin Kwock and another partner, OneDegree is one of the first batch of digital insurers that applied for funds under the Virtual General Insurance License, part of the Hong Kong’s initiatives to promote financial innovation.
The startup said the new funds would be used to improve OneDegree’s digital insurance platform and launch new products in Hong Kong, as well as explore opportunities in the Greater Bay Area.
For now, OneDegree’s medical and accident protection products were targeted to cover the more than 500,000 pet dogs and cats in Hong Kong, of which only 3% were insured, compared with 30% in Sweden and 10% in Japan, said Kwock.