Insurance software provider One, Inc has landed $20m in a Series B round led by AXA Strategic Ventures.
The round also saw participation from insurer Massachusetts Mutual Life’s venture arm MassMutual Ventures and existing backer H&Q Asia Pacific.
One.Inc is a SaaS business offering core services to insurance carriers ranging from policy administration to CRM capabilities to data warehousing.
The California-based company says it also helps carriers to bring new offerings to market at a time when the insurance space is seeing competitive innovation from startups.
One, Inc CEO and founder Christopher W. Ewing said, “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.
“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.”
The company claims to have seen its revenues triple each year for the past three while its customer base has quadrupled.
It says the capital will go towards further developing the SaaS platform, adding new products and lines of business as well as fuelling international development.
The new round brings One,Inc’s total funding to $36.7m with it previously taking in $16.7m in a 2014 Series A round led by H&Q Asia Pacific.
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