Hong Kong-headquartered insurtech firm OneDegree has raked in fresh capital worth $27 million for its Series B round, closing the round at $55 million, according to a company statement on Thursday.

The company secured new funding from three of its largest existing institutional investors — Gobi Partners, BitRock Capital, and Sun Hung Kai, alongside some new investors. The funds will be used to expand OneDegree’s business globally and broaden its product offering, per the announcement.

In 2021, OneDegree notched $28 million worth of funding as part of its initial Series B fundraising efforts.

Established in 2016, the virtual insurer provides direct-to-consumer products in pet, fire, home, and medical insurance and assesses operational risks of virtual asset service providers such as wallet theft, cybersecurity hacks, fraud, third-party crime, and corporate liability.

On the back of increasing demand driven by digital asset regulations globally, OneDegree expects to achieve profitability by the end of next year, according to the statement.

It currently operates in Hong Kong, Taipei, Shenzhen, Singapore, Bangkok, Ho Chi Minh City, and London, with around 200 employees under its belt.

OneDegree was co-founded by Alvin Kwock and Alex Leung. Kwock, who also serves as the company’s CEO, worked at JPMorgan for over a decade prior to starting the company. While Leung has over 15 years of experience across the healthcare and insurance sectors.