AXA Strategic Ventures (ASV), the strategic investment arm of insurance group AXA, led a $20m series B round for One, a US-based creator of processing software for insurance companies, on Wednesday.
The round, billed as ASV’s first growth equity investment, also featured MassMutual Ventures, a subsidiary of insurance firm Massachusetts Mutual Life Insurance, and private equity firm H&Q Asia Pacific.
One has created a cloud-based platform that brings together a range of insurance functions such as policy administration, rating, billing, customer relationship management, payment processing, data warehousing and business intelligence in a single place.
The company intends to invest the series B cash in enhancing its platform, adding new features in the process, and will also look to expand internationally.
Alex Scherbakovsky, general partner at AXA Strategic Ventures, said: “One is leading the modernisation 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.
“This investment reflects our confidence in the strength of One’s management team and the company’s next-generation [software-as-a-service] technology platform.”
H&Q Asia Pacific had previously led One’s $16.7m series A round in 2014, investing alongside venture capital firm Camp One Ventures and investment management firm AGI Partners.