Cloud insurtech start-up One raises $15.5m to meet insurer demand
California-based insurtech provider One has raised $15.5m in a funding round led by American Family Ventures and Centana Growth Partners, and featuring participation from AXA Strategic Ventures and MassMutual Ventures. Eric Byunn, a partner at Centana Growth Partners, will join One's board of directors. The funding followed a series B round last December that raised $20m. Among other purposes, the company will use the cash injection to help "create the first true SaaS-based insurance platform that can be deployed without development," according to One CEO Christopher Ewing. The new investment will also help it service increasing demand from tier one carriers.
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One, Inc. (Folsom, Calif.), a provider of cloud-based insurance core software and payments solutions, has raised $15.5 million through a financing round co-led by American Family Ventures (Madison, Wisc.) and Centana Growth Partners (Palo Alto, Calif.), with participation from existing investors AXA Strategic Ventures (Paris) and MassMutual Ventures (Boston). In Dec. 2016, One, Inc. announced its Series B round, which raised $20 million. The company’s financing total is now over $52 million.

One, Inc. says that the new capital infusion will allow the company to meet increasing demand from Tier 1 insurance carriers, significantly grow its team, and expand globally. The company reports that it has enjoyed over 100 percent annual growth during the last few years.

“Welcoming Centana Growth Partners and American Family Ventures to an already strong investor group has us well positioned to create the first true SaaS based insurance platform that can be deployed without development.” comments Christopher W. Ewing, President & CEO of One, Inc. “As we move into the execution phase of our business, we are excited to have Centana and American Family as part of our team as both firms have deep expertise in growing SaaS based P&C businesses.”

One, Inc. is re-shaping how major insurance firms can service their customers and roll out new products, according to Eric S. Byunn, partner, Centana Growth Partners. By the terms of the current financing round, Byunn will join the One, Inc. Board of Directors. “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,” Byunn comments.

Continuum of Customer-Driven Innovation

“Our investment in One, Inc., aligns with American Family Ventures’ commitment to strategic investments in emerging technologies and other solutions that can benefit insurance consumers and generate financial returns,” comments Dan Reed, managing director, American Family Ventures. By achieving that dual objective, we create a continuum of customer-driven innovation that helps to differentiate American Family Insurance in the marketplace.”