The insurtech company PolicyStreet, based in Malaysia, announced in a press release on Wednesday that it had raised MYR84 million (US $21 million) in the first close of its Series C funding round.
Along with other investors, Altara Ventures and Gobi Partners, two current investors, participated in the round, which was led by Cool Japan Fund. The company’s expansion and performance were cited by Altara Ventures and Gobi Partners as reasons for their continued involvement in the funding round.
The recently raised funds will be used by PolicyStreet to bolster partnerships throughout Asia, improve technology infrastructure, and facilitate regional expansion. In keeping with its expansion goals and long-term strategy, the insurtech company is still in talks with potential investors as part of its Series C fundraising process.
The funding comes after the business reported a profit of over $1 million for the fiscal year 2025, which is a significant milestone in its growth as a successful insurtech platform. Since its last funding round in 2023, PolicyStreet has greatly expanded its operations. According to the company, its total sum insured increased from $6 billion to more than $10 billion, and the number of customers it serves has increased from 5 million to over 10 million.
After Khazanah Nasional’s prior investment, Cool Japan Fund’s involvement brings the total number of sovereign wealth fund backers to two, according to co-founder and Group CEO Yen Ming Lee. According to him, the development is indicative of increasing trust in embedded insurance’s function in Asia’s digital economy.
The investment, according to Cool Japan Fund, is consistent with its overarching goal of assisting the globalization of Japanese goods and services. By “building a sense of security and assurance through its embedded insurance model, which seamlessly integrates insurance into transactions and services,” PolicyStreet can overcome obstacles in digital commerce, according to Kenichi Kawasaki, President, CEO, and COO of Cool Japan Fund.
