Following a total of $26 million-Series C funding round—backed by investors including sovereign wealth funds Khazanah Nasional and Japan’s Cool Japan Fund— Malaysia-based insurtech firm PolicyStreet is doubling down on its Asian expansion, leveraging its newly achieved profitability to scale embedded insurance across digital platforms.

In a recent interview, PolicyStreet Co-Founder and CEO Yen Ming Lee shared the company’s plans after the funding round. He also outlined the insurtech company’s strategy to deepen its Asian footprint by expanding embedded insurance and takaful (Islamic insurance) offerings across daily-use digital platforms, particularly targeting underserved segments like gig workers, SMEs, employees, and digital commerce.

Lee also emphasized that the profitable business is driven by long-term fundamentals and prudent governance rather than specific valuation targets. The fresh funds will focus on enhancing platform technology, expanding strategic partnerships, and accelerating regional growth to sustainably address Asia’s substantial insurance protection gap.

Below are the edited excerpts of the interview:

Could you please share PolicyStreet’s plans after raising Series C funding round? What kind of expansion can we expect in terms of geographical area and products/services?

The close of our Series C funding marks an important milestone in PolicyStreet’s growth journey and will enable us to scale what has already been working across our markets.

Our focus is on deepening our presence across Asia by growing the number of partnerships, broadening our product offerings, and strengthening the technology that powers our platform.

Customers can expect to see more embedded insurance and takaful solutions integrated into the digital platforms they use every day, while our partners will benefit from enhanced technology capabilities that make protection more accessible, seamless, and personalized.

Ultimately, this funding allows us to accelerate our mission of making insurance simple, accessible, and relevant for more individuals and businesses across the region.

What are the key valuation or strategic milestones you were looking to achieve for the funding round and how will the fresh capital be allocated between technology R&D versus geographical expansion?

Our focus isn’t on achieving a particular valuation or reaching a defined endpoint for the fundraising. Instead, we’re focused on continuing to build a strong, sustainable business that delivers long-term value for our customers, partners, and investors.

As a profitable business, our growth strategy is driven by business fundamentals rather than fundraising milestones. Any capital we raise accelerates initiatives that are already creating value, allowing us to scale faster and capture opportunities as they arise.

While we don’t comment on specific capital allocation, our investments will continue to support the long-term growth of the business, including strengthening our technology capabilities, expanding our ecosystem of partners, and extending our presence across Asia, where we see strong strategic opportunities.

On profitability, what is the expectation after achieving profitability in 2025? Will we see strong revenue growth or will revenue growth slow down?

We don’t see profitability solely as an end goal. Rather, we see it as the foundation that enables us to pursue our next phase of growth from a position of strength.

The protection gap across Asia remains significant, and we continue to see strong opportunities to expand access to insurance through embedded distribution and strategic partnerships. As long as that opportunity exists, we believe there is ample room to continue growing the business sustainably.

Our priority is to maintain the discipline that brought us to profitability, particularly through prudent underwriting and sound business fundamentals, while continuing to innovate around the evolving needs of our customers and partners. For us, sustainable growth and profitability go hand in hand.

With Japan’s Cool Japan Fund leading the Series C first close alongside existing backers like Gobi Partners and Altara Ventures, PolicyStreet is now uniquely backed by two sovereign wealth funds, following Khazanah Nasional’s investment in 2023. Being backed by two sovereign wealth funds (Khazanah and Cool Japan Fund) gives PolicyStreet immense institutional credibility. How does having sovereign-level investors change your approach to regulatory navigation across Southeast Asia?

Having sovereign wealth funds among our investors is certainly a strong vote of confidence, but it doesn’t change how we approach regulatory engagement.
Insurance is fundamentally built on trust. That means having robust governance, appropriate safeguards, and operating within regulatory frameworks isn’t simply about staying compliant; it’s core to how we build our business.

Our philosophy has always been to work closely with regulators, operate within the appropriate regulatory frameworks, and invest in building the licences, governance, and safeguards needed to support long-term growth. We believe that trust is earned through consistent execution and responsible business practices, not through who your shareholders are.

What sovereign investors do provide is external validation of that long-term approach. Their confidence reinforces our belief that sustainable growth is built on strong governance, sound fundamentals, and a commitment to operating responsibly across every market we enter.

Moving forward, any particular industries or segment Policystreet is looking at and why these segments will be the driver of growth? Where does Policystreet see opportunities?

Rather than focusing on specific industries, we work closely with partners to identify where protection gaps exist and how we can close them. We believe being underserved isn’t defined by income level or socioeconomic background; it simply means people or businesses are not adequately protected because traditional insurance products haven’t evolved alongside the way they live, work, or transact today.

That’s where we see the greatest opportunity. Through embedded insurance, we can integrate protection into the digital platforms and services people already use, making insurance more accessible, relevant, and seamless at the point it’s needed.

We’re continuing to see strong potential across segments such as gig workers, SMEs, employees, and digital commerce, where protection needs are evolving rapidly. Ultimately, our growth will come from continuing to innovate around these underserved needs and making insurance simple, accessible, and purposeful for more people across the region.

Malaysia’s PolicyStreet raises additional $5M investment from BlueOrchard