BBCP announced the sale of its stake in One, Inc, the insurtech focused on payments, as part of a recap by Great Hill
January 17, 2020 --- Great Hill Partners acquired a majority of One Inc, an insurance payments provider, via a recapitalization. Centana Growth Partners and AXA Venture Partners are exiting their stakes, people familiar with the transaction said. One Inc’s management is reinvesting along with two other investors, people said.
One Inc is an insurtech, which refers to startups using technology to change the way insurers do business. Christopher Ewing, president and CEO, co-founded One Inc with Tim Tyannikov, COO, in 2005. The company, based in Folsom, California, provides a digital payments platform that helps insurance companies engage with their customers. One Inc processes more than $5 billion in payments for 100 insurance companies annually, the company’s website said. Customers include K2 Insurance Services, Great American Insurance Group, Medical Mutual of Ohio. One Inc has raised $52.2 million in funding, including $15.5 million in 2017, Crunchbase said. Investors included American Family Ventures, Centana, AGI Partners, AXA, MassMutual Financial Group, H&Q Asia Pacific, Camp One Ventures and AGI Partners, according to Crunchbase. For Centana, One Inc is the growth firm’s first exit. Centana invested in One Inc in 2017, when the insurtech raised $15.5 million. Centana in December closed its second flagship fund on $375 million. This compares to the firm’s debut fund, which collected $250 million in 2015. Centana invests in financial services, including insurance, payments, and wealth management. AXA invested in One Inc in 2016. AXA, of Paris, targets high-tech companies in enterprise software, fintech and insurtech, consumer technologies and digital health.Several insurtechs have gotten funding recently. In January, PolicyGenius, which provides an online insurance marketplace, raised $100 million in a Series D round led by private-equity firm KKR (ticker: KKR). Root Insurance, which offers app-based auto insurance, collected a $350 million Series E round in September. Hippo, which provides home insurance, in July raised $100 million.