H&Q joins $35m round for US-based One Inc
One Inc, a US-based maker of software-as-a-service (SaaS) products for the insurance industry, has raised a $35 million funding round with participation by H&Q Asia Pacific.
In a statement, H&Q referred to the round as an expansion of the $20 million round announced last year, led by insurance giant Axa with participation by US-based Mass Mutual. The insurers, who were introduced to One Inc by H&Q, contributed $11 million and $4 million to the round respectively through their strategic investment arms.
Axa and Mass Mutual committed an additional $3 million to the expanded funding round, with American Family Ventures, the venture capital arm of US insurance firm American Family, investing $5 million and private equity firm Centana Growth Partners contributing $7 million. Including the H&Q-led $17m Series A round in 2014, One Inc has raised $52 million to date.
One Inc will use the new capital to grow its team and expand globally in order to meet increasing demand from insurance providers for its products. The company develops computer systems for the property and casualty insurance market aimed at helping insurers improve their efficiency by moving their operations online and upgrading from paper-based systems.
“One Inc is re-shaping how major insurance firms can service their customers and roll out new products,” said Eric S. Byunn, a partner at Centana, in a separate statement. “We’re excited to join with leading insurance firms in partnering with One Inc, which we believe is distinct in its purpose, its powerful SaaS technology, and impressive customer base.”
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