Malaysia-based PolicyStreet has secured MYR84 million (US$21 million) in the first close of its Series C funding round, the insurtech firm said in a press release on Wednesday.
The round was led by Cool Japan Fund, with participation from existing investors Altara Ventures and Gobi Partners, alongside other investors. Altara Ventures and Gobi Partners cited the company’s growth and execution as factors supporting their continued participation in the funding round.
PolicyStreet will utilize the newly raised capital to support regional expansion, enhance technology infrastructure, and strengthen partnerships across Asia. The insurtech firm is continuing discussions with additional investors as part of its Series C fundraising process, in line with its expansion plans and long-term strategy.
The funding follows the company’s report of more than $1 million in profit for the financial year 2025, marking a milestone in its development as a profitable insurtech platform. PolicyStreet has expanded its operations significantly since its previous funding round in 2023. The company reported that the number of customers it serves has grown from 5 million to over 10 million, while its total sum insured increased from $6 billion to more than $10 billion.
According to co-founder and Group CEO Yen Ming Lee, the participation of Cool Japan Fund brings the number of sovereign wealth fund backers to two, following earlier investment from Khazanah Nasional. He noted that the development reflects growing confidence in the role of embedded insurance within Asia’s digital economy.
Cool Japan Fund highlighted the investment aligns with its broader objective of supporting the international expansion of Japanese products and services. Kenichi Kawasaki, President, CEO, and COO of Cool Japan Fund, said PolicyStreet can address challenges in digital commerce by “building a sense of security and assurance through its embedded insurance model, which seamlessly integrates insurance into transactions and services.”
Khazanah-backed InsurTech firm PolicyStreet aims to double revenue in 2026 [Q&A]