Malaysian insurtech PolicyStreet has raised US$21 million (RM85 million) in the first close of its Series C funding round, following a profitable FY2025 in which the company reported over US$1 million in profit.
The first close was led by Cool Japan Fund, alongside existing investors Altara Ventures and Gobi Partners, among others. With this round, PolicyStreet is now backed by two sovereign wealth funds, having previously secured funding from Khazanah in a US$15.3 million Series B round in 2023.
The fresh capital will support PolicyStreet’s next growth phase, including regional expansion, strengthening technology infrastructure, and deepening partnerships across Asia.
Yen Ming Lee, Co-Founder and CEO of PolicyStreet, said:
“With Cool Japan Fund joining this round, being backed by two sovereign wealth funds validates our business model and the long-term potential of insurtech in Asia. This milestone reflects our progress in building a sustainable, profitable business, and underscores the growing role of embedded insurance in the region’s digital economy. As we scale, our focus remains on strengthening technology and expanding partnerships to drive long-term growth.”
Since its previous fundraising in 2023, PolicyStreet has grown its customer base from 5 million to over 10 million, while its total sum insured rose from US$6 billion to more than US$10 billion. The company has also expanded regionally through partnerships across sectors such as gig work, mobility, travel, logistics, and telecommunications.
PolicyStreet continues to engage with additional investors as its Series C round progresses.
