PolicyStreet has raised US$21 million (RM85 million) in the first close of its Series C round after reporting more than US$1 million in profit for FY2025.
The first close was led by Cool Japan Fund, with participation from existing investors Altara Ventures and Gobi Partners, along with other investors.
The Malaysian insurtech is now backed by two sovereign wealth funds. Khazanah first backed PolicyStreet in a RM67 million (US$15.3 million) Series B round in 2023.
The fresh capital will be used to support its next phase of growth, including regional expansion, stronger technology infrastructure and deeper partnerships across Asia.
PolicyStreet Co-Founder and CEO 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. As we scale, our focus remains on strengthening our technology and deepening partnerships to drive meaningful, long-term growth.”
Since its previous fundraising round in 2023, PolicyStreet said it has grown the number of customers served from 5 million to more than 10 million.
Its total sum insured also rose from US$6 billion to more than US$10 billion over the same period.
The company has also expanded its regional footprint through partnerships across sectors including gig work, mobility, travel, logistics and telecommunications.
PolicyStreet remains in discussions with additional investors as its Series C fundraising continues.
As one of the Fintech Frontiers 50 winners in 2025, Yen Ming Lee recounts the early days of PolicyStreet here.
@fintechnewsnetwork Southeast Asia’s Top Fintech Founders’ Day Zero Stories Winners from the Fintech Frontiers 50 recounts fond memories from the early days that got them where they are today. Moses Lo ( @Xendit ID | Payment Gateway ), Yen Ming Lee, (Policystreet), Jessada Sookdhis (FINNOMENA) #fintech #fintechfrontiers50 #startup ♬ original sound – Fintech News Network
