One, a US-based developer of software for the insurance industry, has secured $15.5m in a funding round co-led by American Family Ventures, the strategic investment arm of insurance firm American Family.
The round, which American Family co-led with growth equity firm Centana Growth Partners, also featured AXA Strategic Ventures and MassMutual Ventures, the respective corporate venturing units for insurance groups AXA and Massachusetts Mutual Life Insurance.
One has built a cloud-based software platform that combines traditional insurance functions such as policy administration, billing, claims and agency management with digital tools that help insurers operate their businesses more effectively.
American Family Ventures managing director Dan Reed said: “Our investment in One aligns with American Family Ventures’ commitment to strategic investments in emerging technologies and other solutions that can benefit insurance consumers and generate financial returns.
“By achieving that dual objective, we create a continuum of customer-driven innovation that helps to differentiate American Family Insurance in the marketplace.”
One has now raised more than $52m, having closed a $20m series B round led by AXA Strategic Ventures five months ago with contributions from MassMutual Ventures and private equity firm H&Q Asia Pacific.
H&Q Asia Pacific had previously joined venture capital fund Camp One Ventures and alternative investment management firm AGI Partners to provide $16.7m in series A funding for the company in 2014.