Malaysia's SWF Leads Series B Funding Round of Insurance Tech Startup Policystreet

Under its Dana Impak mandate, Malaysia's sovereign fund Khazanah Nasional Berhad (Khazanah) recently led a Series B funding round for a Malaysian domestic insurance technology (InsurTech) startup, PolicyStreet, garnering a total of $15.3 million.

According to a statement issued by PolicyStreet on Tuesday, its recent fundraising round received strong support from other local and international investors, including Altara Ventures, Gobi Partners, and Spiral Ventures.

PolicyStreet aims to utilise the capital to improve its technology and underwriting capabilities, according to the company.

PolicyStreet, which specialises in customised insurance solutions for businesses and people, is to expand its on-demand underwriting products in order to make protection more accessible and to better reach underserved and underinsured audiences in Malaysia and the region.

"With over half a million B40 gig workers and 50,000 small-medium enterprises (SMEs) already benefiting from our services, we aim to serve 2.5 million gig workers and 300,000 SMEs within the next five years, creating a more financially inclusive future for communities in Malaysia and the region," said PolicyStreet Chief Executive Officer and Co-Fou.

PolicyStreet is a full-stack InsurTech firm that provides individuals and businesses with digital and customised insurance solutions.