One Inc, a cloud-based software and payments solutions provider for the insurance industry, has closed a $35 million round of extended Series B funding that saw the involvement of existing investor H&Q Asia Pacific.
The round is an expansion of the $20 million round announced last year. In May 2017, One Inc announced it had closed an oversubscribed $15.5 million financing round that was co-led by American Family Ventures and Centana Growth Partners, with participation from existing investors AXA Strategic Ventures and MassMutual Ventures.
The latest investment brings its aggregate equity funding raised to more than $52 million. Proceeds from this investment will allow One Inc. to meet increasing demand from tier 1 insurance carriers, significantly grow its team, and expand globally.
“Welcoming Centana Growth Partners and American Family Ventures to an already strong investor group has us well positioned to create the first true SaaS based insurance platform that can be deployed without development,” said Christopher W. Ewing, President & CEO of One, Inc.
In December 2016, H&Q had participated in a $20 million Series B round for One Inc that saw the participation of AXA Strategic Ventures, which committed $11 million to the round. US-based insurance firm MassMutual Ventures provided $4 million, while H&Q contributed $5 million.
H&Q previously led One Inc’s $16.7 million Series A round in 2014, which saw Camp One Ventures and AGI Partners also participate.
One Inc. develops computer systems for the property and casualty insurance market, with the aim of helping operators upgrade their legacy, paper-based systems during digitalisation. It is well positioned to capitalise on the growth potential of China’s online insurance market, as well as the broader automobile market and the corresponding growth in automobile insurance, given the strong outlook for 2017.
H&QAP is currently an independent organisation that conducts both later-stage control investments and earlier-stage venture capital investments and targets investments in growth sectors that include technology, technology manufacturing, consumer brands and financial services. According to its website, since inception in 1985, H&Q Asia Pacific (H&QAP) has managed an aggregate of over $35 billion in committed capital through 28 funds.