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Hong Kong-based virtual insurance company OneDegree Group has announced the closing of its $55m Series B funding round.

According to a report by Marketing-Interactive, the latest round involved the participation of venture capital firm Gobi Partners, along with other new and existing investors such as Sun Hung Kai and Bitrock.

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Gobi Partners co-founder Thomas G Tsao said: “Our continued investment in OneDegree Group underscores our confidence in their robust team, sustainable operations, and relentless innovation.

“Their expanding presence across Asian markets and beyond signifies the vast potential of their pioneering insurance solutions, promising a bright, global future.”

In a LinkedIn post, OneDegree said the latest milestone can be attributed to its strong revenue growth in all the business segments and its new digital assets insurance and generative artificial intelligence (AI)-based insurtech solutions.

OneDegree Group is now planning to utilise the funds to expand its digital assets insurance business and existing insurtech offerings.

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The company also intends to broaden its other offerings, while strengthening market penetration of its direct-to-consumer (D2C) insurance products.

The group has recorded strong revenue growth over the last two years, along with monthly revenues growing four-fold, which is specifically driven by strong organic growth of D2C products, as well as fire, pet, home and medical insurance.

OneDegree Group co-founder Alex Leung said: “We are incredibly proud of the strides we have made in a short span of time. Our strong growth in the digital assets insurance space reflects the industry’s trust in our pioneering capabilities and expertise.

“With the integration of Microsoft’s Azure OpenAI into our IXT insurtech and Cymetrics solutions, we are not just staying ahead of the curve but shaping the future of the insurance industry.

“Through relentless innovation and collaboration with global partners, we remain dedicated to empowering both traditional and digital insurers and contributing positively to the insurance ecosystem.”