One Inc., the cloud platform for insurance, raised $20 million in venture capital funding from AXA Strategic Ventures, the VC arm of AXA, and MassMutual Ventures, the VC arm of Massachusetts Mutual Life.
According to a report, H&Q Asia Pacific, an earlier investor in One, participated in this round of fundraising as well.
“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 in the report. “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.”
While insurance in the cloud is relatively new, One has been reporting what it calls “tremendous growth.” According to the report, during the past three years, revenue has tripled, and its customer base has close to quadrupled. The company expects the new funding to further develop the cloud platform, add more products and expand around the globe.
“This investment reflects our confidence in the strength of One, Inc.’s management team and the company’s next-generation SaaS technology platform,” said Alex Scherbakovsky, general partner at AXA Strategic Ventures. The VC described One as “leading the modernization of insurance software by offering a continuously updated, cost-effective solution,” noted the report. One’s cloud platform includes a host of services, such as billing, rating, agency management, customer relationship management, document management and payment processing, among others.