All geared up

• With a valuation of US$1.3 billion, 500-backed Carsome has cemented its status as Malaysia’s largest tech unicorn. The startup announced it has raised US$170 million, with participation from Taiwanese chipmaker MediaTek.
• Carsome also secured new credit facilities of US$30 million. It will use the funds to fuel its plan of acquisitions. This year, it acquired stakes in a Jakarta-based car and motorcycle auction company and Australia-listed iCar Asia.
• Chief financial officer Juliet Zhu revealed that the startup is considering going public in the United States in the next 12 months.
• Meanwhile, Carsome is aiming to boost its revenue to nearly US$1 billion this year, making it profitable on an operating level in 2022.
• Read the full story on Forbes here.

Protection against the odds

• In Hong Kong, YAS MicroInsurance, an insurtech startup, announced it partnered with and closed a pre-series A funding round led by 500 Startups.
• The new investment will be used to strengthen the 500-backed startup’s research and development capabilities and accelerate its expansion in the Southeast Asia market.
• In recent months, YAS launched RYDE with YAS, an in-app, on-demand 90-minute passenger coverage for a wide range of public and private transportation, including ride-shares. It also launched BUS RYDE in collaboration with Hong Kong’s largest bus company to offer coverage for its monthly pass holders.
• Led by its core belief that every person and moment matters, the startup’s products are developed with financial inclusion in mind. Its coverage services start from as low as US$0.50 per trip.
• Read the full article on Yahoo! Finance here.