Insurtech firm One, Inc. has raised fresh capital from a Series B funding round, with
AXA Strategic Ventures as the main source of the $20 million fund injection. MassMutual Ventures and H&Q Asia Pacific also contributed to the fund.
This second round builds on the initial $16.7 million raised by the firm to start up its SaaS operating system.
Christopher W. Ewing, One, Inc. president and chief executive told
Insurance Business in an email exchange that the company has experienced rapid growth in the past three years, with revenue growing 300% annually, and its subscriber base quadrupling over the past two years.
The firm provides cloud based software, both an insurance specific operating system and applications to support the core functions of insurance carriers and general agencies. These include policy administration, billing, rating, agency management, customer relationship management, e-signature, and others.
With the additional capital, the company will roll out products to enable payment, data and communications applications, Ewing added.
“This round of funding will allow us to invest further in the (product) suite to expand our lines of business and the extensibility of our products,” he further noted.
One, Inc is also investing in beefing up its partner network.
“We see partners as an important part of our eco-system and an important partner to help carriers transition to our software platform,” Ewing explained. “We plan to build out our partner network with training and the education they need in order to have a deep understanding and the rapid implementation services around our SaaS platform.”
As it undertakes further expansion activities, Ewing said that the company is firming up its presence in North America.
”But we are examining opportunities all over the globe, including Europe, Asia and South America,” he concluded.
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