PolicyStreet bags $15.3m from Malaysian gov’t to bolster insurance products

PolicyStreet management / Photo credit: PolicyStreet

Malaysian insurtech company PolicyStreet has raised US$15.3 million in its series B funding round led by local sovereign fund Khazanah Nasional Berhad. This investment was made under the fund’s 6 billion ringgit (US$1.3 billion) Dana Impak mandate.

PolicyStreet offers digital insurance options to both consumers and businesses, aiming to make such products more accessible and affordable with the firm’s in-house underwriting capabilities.

Founded by Wilson Beh, Yen Ming Lee, and Winnie Chua in 2016, the firm counts Shopee Malaysia, Foodpanda Malaysia, and Carsome among its partners. These collaborations allow PolicyStreet to offer its services to gig economy workers.

Funding details

• Funding amount: US$15,300,000
• Lead investor: Khazanah Nasional Berhad
• Other investors: Altara Ventures, Gobi Partners, Spiral Ventures (IMJ Investment Partners)
• Stage: Series B
• Source

Since its establishment, the firm has served over 50,000 SMES and 500,000 gig workers who belong to the Bottom 40% (B40) group. Malaysia categorizes B40 households as those that have an income of below US$1,055.

PolicyStreet looks to reach a total of 2.5 million gig workers and 300,000 SMEs within the next five years.

The company will use its fresh funds to strengthen its tech and underwriting system, as well as increase on-demand underwriting policies.

Last year, its co-founder Wilson Beh was also appointed as the 2022-2023 president of the Fintech Association of Malaysia committee.

See also: The rise of enigmatic insurtech unicorn Bolttech

Currency converted from Malaysian ringgit to US dollar: US$1 = 4.60 ringgit.

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