Daily Briefing: Temasek buys 21.7% stake in LF Logistics for $405.8m; Insurtech startup Gigacover bagged undisclosed funding to expand to SEA

And Mediacorp launches a new Chinese digital portal.

From DealStreetAsia:

Singapore state investor Temasek Holdings has acquired a 21.7% stake in LF Logistics, the logistics business of Hong Kong sourcing company Li & Fung, for a cash consideration of $405.8m (US$300m).

In a statement, Li & Fung said, Temasek’s investment values the company at approximately $1.89b (US$1.4b) on a post-money equity valuation basis. Li & Fung will remain a controlling shareholder of LF Logistics.

LF Logistics is the supply chain partner for companies looking to expand in Asia. On its website, the firm said its network spans Greater China, ASEAN, Japan, Korea, the Middle East, and India.

Read more here.

From e27:

Gigacover, a Singapore-headquartered insurtech startup, has said it has secured an undisclosed amount of funding from led by Vectr Fintech Partners (Hong Kong), with participation from Quest Venture Partners (US) and Alto Partners (Singapore).

The startup will utilise the funds to expand into other Southeast Asian markets as part of its vision to distribute, administer and manage risk for more flexible coverage targeted at underserved and growing economies.

Established in 2017, Gigacover is a digital insurance company which aims to keep expense and loss ratios low using Machine Learning and analytics technologies. With an aim to meet the needs of the gig economy, it has launched a prolonged medical leave income protection product, as well as a suite of general insurance products backed by Etiqa and AXA.

Gigacover recently announced a partnership with Go-Jek to offer earnings protection to driver-partners.

Read more here.

From Channel NewsAsia:

Singapore-based broadcasting firm Mediacorp has launched 8world.com, a one-stop Chinese digital portal offering news, entertainment and lifestyle content.

8world.com was soft-launched at the end of 2018. The portal saw a monthly average of 15.3 million page views and 1.1 million unique visitors during Q1.

“As consumption habits evolve, we have decided to re-calibrate and consolidate Mediacorp's Chinese digital platforms,” senior editor for Mediacorp’s Chinese Digital Hub, Han Weiding, said.

Items can be shared via WhatsApp, WeChat, Facebook, Twitter and Sina Weibo.

Read more here.

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