Asia Digest: Vulpes IM backs UbiCar parent; HOV fund for Pak accelerator

HOV Accelerate is backed by Singapore-based venture studio High Output Ventures.

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.