PolicyStreet has secured $21m in the first close of its Series C round as the Malaysian InsurTech scales its embedded insurance platform across Asia.
The funding round was led by Cool Japan Fund and included participation from existing investors Altara Ventures and Gobi Partners, alongside additional investors, according to FinTech News Malaysia.
The deal brings PolicyStreet’s total backing to more than $100m and adds a second sovereign wealth fund to its investor base.
Malaysia’s sovereign wealth fund Khazanah had previously backed the company in a RM67m ($15.3m) Series B round in 2023.
PolicyStreet plans to use the new capital to accelerate regional expansion, invest further in its technology platform and deepen partnerships across sectors including mobility, travel, logistics, telecommunications and gig economy platforms.
The InsurTech said it recently reported more than $1m in profit for FY2025, positioning the company among a small group of profitable InsurTech firms operating at scale in the region.
PolicyStreet Co-Founder and Chief Executive Officer Yen Ming Lee said, “With Cool Japan Fund joining this round, PolicyStreet is now backed by two sovereign wealth funds, which serves as a strong validation of both our business model and the long-term potential of InsurTech in Asia.
“This milestone reflects not only the progress we’ve made in building a sustainable, profitable business, but also the growing conviction that embedded insurance will play a critical role in the region’s digital economy.”
Since its previous funding round in 2023, PolicyStreet said the number of customers served through its platform has doubled from five million to more than 10 million.
Over the same period, the company’s total sum insured increased from $6bn to more than $10bn as its embedded insurance partnerships expanded across the region.
PolicyStreet said discussions with additional investors are ongoing as the Series C fundraising process continues.
