Malaysia-based InsurTech startup PolicyStreet.com has completed its Series A fundraising round totaling 25 million MYR ($5.97 million) over two tranches.

The latest round is led by Altara Ventures, Auspac Ventures, Gobi Partners and the Leong family of Malaysia-based property developer Mah Sing Group led by Leong Hoy Kum, the company said in a statement on Wednesday.

“We are excited to introduce new sachet-based and on-demand insurance products with our new license to power up the digital ecosystem while continuing to provide value to all our existing customers in Southeast Asia. With a very seasoned and experienced team of investor partners, PolicyStreet.com is convinced that our new investors will be able to help us grow to be the leading InsurTech in the region,” PolicyStreet.com Co-Founder and Chief Executive Officer Yen Ming Lee said.

PolicyStreet.com also said it has secured in-principle approval for a combined Reinsurance and General Insurance license from the Labuan Financial Services Authority, the financial regulator for Labuan International Business and Financial Center in Malaysia.

It is the second InsurTech to be granted this coveted insurance license. The license will allow PolicyStreet.com to underwrite reinsurance and general risks as it looks to expand its strategic partnerships and footprint in the region.

Founded in January 2017 by former banking and insurance professionals Yen Ming Lee, Wilson Beh and Winnie Chua, PolicyStreet.com said it has changed the way insurance is marketed and sold, by making insurance simple, easy and affordable.

In 2019, it was the only local InsurTech that received the Financial Adviser and Islamic Financial Adviser approval from the Central Bank of Malaysia, enabling it to work with 40 insurance and takaful providers in sourcing, aggregating, customizing and advising customers on the insurance products.

The latest funding round follows a series of strategic partnerships PolicyStreet.com recently announced with AirAsia Money in providing digital car insurance to all AirAsia Super App customers, foodpanda in insuring all delivery partners, myTukar, a pre-owned car buying and selling platform under the Carro Group of companies, and Red Ideas Holdings, a technology company that develops neighborhood community app JagaApp.

With the new round of funding, the company aims to expand into new markets in the region, while doubling down on its technological capabilities and marketing efforts to address protection gaps and provide more insurance products.

PolicyStreet.com has raised an earlier round via PitchIN, KK Fund, and Spiral Ventures during the height of the COVID- 19 crisis in June last year, the largest amount raised from an equity crowdfunding platform in Malaysia.

Today, PolicyStreet.com said InsurTech serves not just end-users but also businesses in providing customized employee benefits, building, and group personal accident insurance. Its business clientele includes small to large corporates and technology companies. PolicyStreet.com currently works directly with 40 life and general insurance and takaful providers in Malaysia offering various insurance products and services.

AirAsia partners with InsurTech startup PolicyStreet to provide digital car insurance service

Featured image credits: PolicyStreet.com