PolicyStreet, a Malaysian insurtech, has just banked RM7.8m (US$1.8m) in a Series A round led by existing investor Singapore-based KK Fund.
Joining in the fun was Spiral Ventures, another Singapore-based venture capital fund.
PolicyStreet serves emerging affluent, large conglomerates and SMEs.
The new money will be used, said the company, to sharpen its technological capabilities, increase sales and marketing activities, and expand into new markets. It hopes to fill protection gaps and address customer needs in the South East Asian emerging markets.
Lee Yen Ming, co-founder and CEO of PolicyStreet, said: “We are grateful and thankful to have the support of KK Fund, Spiral Ventures and 274 angel investors who believed in our business and saw our potential. We have undeniably attracted very notable and sophisticated investors from Board Members of listed companies, Executive Directors, C-suites, Vice Presidents and many others whom we will be looking up to for guidance and advice leveraging on their respective experiences.”
Koichi Saito, General Partner of KK Fund also added: “I am very proud of the PolicyStreet team for being able to fundraise during this unprecedented crisis. Covid-19 has increased the awareness and need to have an adequate insurance protection which has accelerated the business demand for PolicyStreet. I am looking forward to seeing higher growth in their business as they expand in the region.”
Back in 2019, PolicyStreet became the only local insurance technology company to obtain Financial Adviser and Islamic Financial Adviser approval from the Central Bank of Malaysia.