OneDegree, a Hong Kong-based insurance technology company, raised $28 million in a new round of funding as the startup looks to expand in Asia.

Sun Hung Kai & Co. and AEF Greater Bay Area Fund took part in the series B1 round along with six existing investors, according to a statement on Monday. The latest investments take OneDegree’s total fundraising to more than $70 million.

The company, founded in 2016, provides digital insurance products for pets, homes and businesses, according to its website. OneDegree, which received a virtual insurer license in April last year in Hong Kong, has operations in the city as well as in Shenzhen and Singapore.

The startup plans to double its staff count to 300 over the next year as it seeks to expand in North and Southeast Asia.

“Our ambition is to grow OneDegree Hong Kong to be a top three general insurance provider in Hong Kong by 2025 and bring our proven consumer products to key markets across Asia,” Alvin Kwock, co-founder of OneDegree, said in the statement. The company’s investor lineup also includes BitRock Capital, an investment firm sponsored by GLP Pte, as well as Cyberport Macro Fund and Cathay Venture.

Topics Carriers Funding