One, Inc., provider of a SaaS operating system for insurance companies, today announced that it has raised $20 million in Series B funding led by AXA Strategic Ventures (ASV) with participation from MassMutual Ventures and current investor H&Q Asia Pacific. This round marks ASV's first growth equity investment. The additional capital builds on the company's $16.7M Series A round in 2014, bringing the total investment to $36.7M.
This investment comes at a time when One, Inc. is experiencing tremendous growth. For the past three years, the company's revenue has tripled each year and its customer base has nearly quadrupled. One, Inc. plans to use the additional capital to further develop its SaaS platform, add products and lines of business and expand globally.
'One, Inc. is leading the modernization of the insurance software market by offering a nimble, cost-effective solution that can be installed quickly and is continuously updated to ensure that customers always benefit from the latest features,' said Alex Scherbakovsky, General Partner at AXA Strategic Ventures. 'This investment reflects our confidence in the strength of One, Inc.'s management team and the company's next-generation SaaS technology platform.'
One, Inc.'s suite of software applications is the industry's leading comprehensive SaaS insurance platform that provides all the core functions needed by insurance carriers and managing general agencies. One, Inc.'s platform includes policy administration, billing, rating, agency management, customer relationship management, document management, payment processing, digital engagement, IVR, data warehousing and business intelligence, esignature, as well as many other functions essential to insurance companies. One, Inc. also helps carriers bring new offerings to market more quickly, empowering them to go live with all of their core applications in months rather than years. With a perfect customer implementation track record, One, Inc. has proven that the largest and most complex on-premise core systems can easily migrate to the cloud.
'Insurance carriers are facing significant challenges in this continually evolving landscape,' said Doug Russell, managing director, MassMutual Ventures. 'One, Inc.'s integrated product mix, which includes everything from core systems to payments to distribution management, has the company well-positioned to help solve those day-to-day and long-term issues. We are pleased to have made this investment and are excited about One Inc.'s future.'
'One, Inc. continues to impress us with the way they execute and how they are disrupting the market with flexible and modern solutions,' said Dr. Ta-lin Hsu, Founder and Chairman of H&Q Asia Pacific. 'We're excited to further our investment in One, Inc. and to have AXA Strategic Ventures and MassMutual Ventures as part of the team. We look forward to working closely with them.'
'The shift happening in the insurance industry is still in its early stages and the opportunity to redefine how insurance companies approach technology and interact with their customers is tremendous,' said One, Inc. CEO and founder Christopher W. Ewing. 'AXA Strategic Ventures, MassMutual Ventures and H&Q Asia Pacific share our values and vision for the future of the insurance industry. We are eager to collaborate with them and move our business forward significantly.'
About One, Inc.
One, Inc. provides an integrated cloud-based platform designed to transform the way insurance companies interact with their customers. One, Inc.'s technology platform combines core insurance software functions including policy administration, rating and billing with data analytics, CRM, payment processing and agency management -- all in one solution -- to enable insurance companies to modernize their operations and offer superior solutions and service to their customers. For more information, please visit www.oneincsystems.com
About AXA Strategic Ventures
AXA Strategic Ventures (ASV) is the venture capital fund backed by AXA, the leading global insurer and asset manager. ASV manages $250M and invests in technologies relevant to the insurance and asset management industries such as enterprise software, fintech as well as consumer technologies. With offices in San Francisco, New York, London and Paris, ASV's initial focus is on investments in North America, Europe and Middle East. For more information, please visit www.axastrategicventures.com
About MassMutual Ventures
MassMutual Ventures LLC backs entrepreneurial companies that are transforming the insurance and investment services markets through technology and business model innovation. Key areas of investment focus include fintech, data analytics, cybersecurity, digital health, and enterprise software. MassMutual Ventures leads or joins investments into companies that are poised to create significant enterprise value through differentiated innovation and focused execution. Massachusetts Mutual Life Insurance Company (MassMutual) is the parent company of MassMutual Ventures LLC. For more information, please visit www.massmutualventures.com
About H&Q Asia Pacific
H&Q ASIA PACIFIC (HQAP) is a leading Asian private equity firm that has managed an aggregate of US$3.5 billion in committed capital through 28 funds since its inception in 1985. Founded by Dr. Ta-lin Hsu as a division of U.S. investment banking firm Hambrecht & Quist, HQAP is now an independent organization that conducts both later-stage control investments and earlier-stage venture capital investments in growth sectors including technology, technology manufacturing, consumer products and services, financial services, healthcare and real estate. The firm's offices are located in the principal markets in Asia as well as in the Silicon Valley, providing it with a unique combination of local market presence and global perspective. For more information, please visit: www.hqap.com