Ubi Technology, the parent company of UbiCar, Australia’s first usage-based insurance (UBI) company, has raised capital from Vulpes IM, while High Output Ventures has launched an early-stage fund to back the Pakistan-focussed startup accelerator HOV Accelerate.
Singapore’s Vulpes IM backs investment in Australia’s Ubi Technology
Ubi Technology, the parent of UbiCar, Australia’s first usage-based insurance (UBI) company, has raised capital from Chicago Venture Partners LC, Melissa Wyllie Investments, Vulpes Special Opportunities Fund, and Investible Early Stage Fund, to expand operations.
The terms of financing were not disclosed in the statement released on August 11. Carolyn Batterton, co-founder and director of Ubi Technology confirmed to DealStreetAsia that this is the first capital raised by Ubi Technology.
UbiCar was launched in the Australian market in 2018. The company recently launched a pay-per-kilometer product that has been widely adopted amid COVID-19 restrictions, as people have been driving less.
The popularity of usage-based insurance in markets like the US and UK has grabbed the attention of investors, incubators, and insurers in the APAC region, according to Ubi Technology.
The growth of players such as Root, Metromile, and Lemonade in the US has seen insurtech company valuations skyrocket in recent times, as smarter insurance models aim to disrupt the traditional market, by delivering fair-priced insurance for consumers who can pay for what they use and how they drive.
SG’s High Output Ventures launches fund to back Pakistani accelerator
Singapore-based venture studio High Output Ventures has launched an early-stage fund to back the Pakistan-focused startup accelerator called HOV Accelerate, according to a statement released on Monday.
HOV Accelerate will begin its first cohort in October and aims to recruit up to 10 companies, across industry verticals, in its first batch. Eligible candidates will receive up to $50,000 each in initial investment from HOV.
“We feel Pakistan’s market and its founders have great potential, particularly in the early stage where we see founders with a lot of grit and determination building good companies with limited resources,” said Usman Sheikh, managing director, HOV. “Our job is to help these founders take their startups and themselves to the next level. We want to help repair the pipeline for downstream investors by churning out high quality, polished companies,” he added.
HOV Accelerate joins a sprawling list of startup accelerator programmes in Pakistan. These include names like Invest2Innovate (i2i), The Nest I/O and the Technology Incubation Center of the National University of Sciences and Technology (NUST) in Islamabad.
