Daily Briefing: Tribecar, Carro, NTUC Income launch usage-based motor insurance; Supertrees light and sound display to return

And Heritas Capital aims to hit initial close of $39.6m fund II in H1 2021.

From e27:

Singapore-based car-sharing platform Tribecar announced today it has partnered with local insurance firm NTUC Income and wholesale automotive marketplace Carro to provide usage-based insurance (UBI) coverage for its fleet of rental cars.

Unlike conventional fixed costs auto insurance premiums, UBI charges are tied to the vehicle’s data, such as mileage, location and timing consumption.

Developed through a joint initiative between NTUC Income and Carro’s leasing arm Carro Leap, the UBI platform combines telematics, insurance and data analytics.

As per a press release, Tribecar has adopted this insurance programme, allowing it to provide car-sharing rentals from $0.50 (US$0.38) per hour for its “Super Economy” Category.

“It is very encouraging to see the growing interest in new insurance models like UBI within the motoring community, which is testimony to the value it brings to drivers — customisation and convenience,” said Max Tiong, head of digital transformation at Income.

Read more here.

From ChannelNewsAsia:

The popular light and sound display at Gardens by the Bay’s Supertree Grove will return with its full version from 8 January.

The 15-minute Garden Rhapsody show – where lights on the 12 Supertrees change in time to a musical soundtrack – will take place nightly at 7.45 PM and 8.45 PM.

There are 10 shows planned for this year with different music and light choreography taking place.

In January, visitors will experience the Garden Waltz, a compilation of music from composers such as Frederic Chopin’s Grande Valse Brillante, Johann Strauss Jr's By The Beautiful Blue Danube and Emile Waldteufel’s Skaters' Waltz.

According to Gardens by the Bay Senior Director of Programming and Events Chua Yen Ling, this “particularly rousing soundtrack” was chosen for the first show to “uplift the spirit.”

Read more here.

From ChannelNewsAsia:

Singapore-based private equity and VC firm Heritas Capital aims to make the initial close of its second fund in the first half of 2021, as per multiple reports.

Launched in December 2020 with a target fund size of $39.6m (US$30m), Heritas Venture Fund II (HVF II) plans to invest in up to 15 seed and Series A-stage companies in sectors ranging from foodtech to edtech across Asia.

The development comes at a time when verticals such as online learning and alternative food markets are seeing accelerated growth, thanks to COVID-19.

“We are seeing a strong pipeline of attractive deal flows, which are also impactful in terms of enhancing access to affordable quality healthcare and education, and contributing to sustainable growth,” said Chik Wai Chiew, CEO and executive director of Heritas Capital.

Heritas recently led a $3.96m (US$3m) Series A+ funding round in Cakap, an Indonesian online language learning platform.

Read more here.