Red Dot Ventures, an early stage investment firm under the National Research Foundation’s Technology Incubation Scheme, has announced today that it has invested SGD589K (USD482K) in iCarsClub – a Singapore-based startup providing a marketplace to rent underutilized private cars.
The online platform enables car owners to list their vehicles, which can then be rented by other users. This enables them to make better use of their vehicle’s down time and earn some extra income on the side. Read more
Asia might make a promising market for carsharing. Depending on where you live, cars are either too expensive or rendered useless by traffic congestion. These problems give carsharing intiatives an invitation to come in, which is why iCarsclub wants to be an early player in this space.
The Singapore startup has been working on their solution for months, and after delays with finalizing their motor insurance terms, it finally launched on 12 December.
Collaborative consumption for motor vehicles is not new in the world or even Asia. This year, we’ve seen ridesharing apps enter the market, offering users the ability to split costs on a cab fare or find a carpooler to share a ride to work. Governments are particularly supportive of this concept due to its public benefits: Reducing air pollution and traffic congestion. Read more