Hong Kong based insurtech OneDegree has secured $25.5m in a series A funding round to launch its digital pet insurance platform. The company is looking for an additional $2m of investment from existing investors and new ones as it ramps up the business with plans to expand into other countries including Australia, New Zealand and South Africa. OneDegree hopes to insure half a million cats and dogs; with only 3% of cats and dogs currently insured in Hong Kong there is potential for growth. The firm must wait for regulatory approval before offering digital pet insurance.
Hong Kong based insurtech OneDegree has secured $25.5m in a series A funding round to launch its digital pet insurance platform. The insurance will be offered purely online and will encompass general insurance products focusing on medical cover. OneDegree hopes to insure half a million cats and dogs; with only 3% of cats and dogs currently insured in Hong Kong there is potential for growth. The firm must wait for regulatory approval before offering digital pet insurance.