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PolicyStreet.com, a Southeast Asia-based insurance technology startup has completed its Series A fundraising round totalling RM25 million over two tranches. The latest round is led by Altara Ventures, Auspac Ventures, Gobi Partners and the Leong family of Mah Sing Group led by business magnate Tan Sri Dato’ Sri Leong Hoy Kum.
PolicyStreet.com 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 crowd funding platform in Malaysia.
The announcement of today’s Series A round also coincided with PolicyStreet.com securing 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 Centre. 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 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, customising and advising customers on the best insurance products that meets their needs.
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 foodpanda’s 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 neighbourhood community app JagaApp.
With the new round of funding, PolicyStreet.com 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 greater variety of insurance products to meet the growing demands of the digital economy.
Today, the insurtech serves not just end-users but also businesses in providing customised Employee Benefit, Building and Group Personal Accident insurance. Its business clientele includes small to large corporates and technology companies.
Yen Ming Lee, Co-Founder and CEO of PolicyStreet.com
Yen Ming Lee, Co-Founder and CEO of PolicyStreet.com, said: “We are truly proud to have Altara, Auspac, Gobi and the Leong family’s belief in our vision. 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 South East 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.”
Dave Ng, General Partner at Altara Ventures, concurred with the founders, “Altara is honoured to lead the Series A financing of PolicyStreet, together with our fellow co-investors. We believe in the potential of embedded digital insurance platforms to flip the existing model, and put customers in the centre. We have strong conviction in the PolicyStreet team to bring innovation and advancement in digital insurtech to our region.”
Allen Cheong, CEO of Auspac Investment Management, adds “We are delighted to participate in the Series A fund raising round. We are impressed with how the management team of PolicyStreet.com has scaled up its market presence in Malaysia within the last few years. With their drive, passion and grit, we are confident they will continue to propel PolicyStreet.com to greater heights. We look forward to supporting the company in its growth journey to become the leading insurtech in South East Asia.”
“PolicyStreet.com’s ability to quickly identify gaps in the insurance and protection market, as evidenced by its multiple strategic partnerships, has seen it capitalise on accelerating digital adoption. As more services enter the online space, the insurance and protection market will adapt and build new solutions in response. Gobi believes PolicyStreet.com is well-positioned to lead that charge,” comments Thomas G. Tsao, Founding Partner and Chair of Gobi Partners.
