UbiCar parent raises capital to expand operations

UbiCar parent raises capital to expand operations | Insurance Business

UbiCar parent raises capital to expand operations

“We’re delighted to have finalised the funding round in such turbulent times and wish to welcome our new shareholders and appreciate their vote of confidence in our growing company.”

Those were the words of UbiCar chief executive Dean Capobianco when it was announced that parent firm Ubi Technology will be expanding its operations using capital raised from Chicago Venture Partners LC, Melissa Wyllie Investments, Vulpes Special Opportunities Fund, and Investible Early Stage Fund.     

UbiCar, which brands itself as the first usage-based insurance company in Australia, started operating in the country one and a half years ago.

The amount of capital raised was not disclosed.

Meanwhile arriving in October will be UbiCar insurance head Ian Slater, who is making the switch from Toyota Financial Services.

“My time at Toyota has been an incredible experience,” said Slater. “Now I’m excited about the opportunity to drive real change in the marketplace with UbiCar, at a time that customers are looking for viable and customisable insurance alternatives.

“The evolution in the insurtech space has been amazing in recent years, and is now ready to grow dramatically. The sophistication in combining telematics data and driver behaviours to calculate insurance premiums for individuals is fairer for drivers, but also promotes safer driving on our roads.”