Malaysian insurtech firm PolicyStreet has secured $21 million in the first close of its Series C funding round, the company announced Wednesday (Apr 1).
The round was led by Cool Japan Fund (CJF), a Japanese sovereign wealth fund, with participation from returning investors Altara Ventures and Gobi Partners.
PolicyStreet also noted that this is the second sovereign wealth fund backing the firm. In its Series B funding round in May 2023, the company bagged $15.3 million, with the lead investor being Malaysian sovereign wealth fund Khazanah, which invested through special purpose vehicle Kinabatangan Investments Limited.
This, PolicyStreet Co-Founder and CEO Yen Ming Lee said, is “a strong validation” of both their business model and the long-term potential of insurtech in Asia.
“This milestone reflects not only the progress we’ve made in building a sustainable, profitable business, but also the growing conviction that embedded insurance will play a critical role in the region’s digital economy. As we scale, our focus remains on strengthening our technology and deepening partnerships to drive meaningful, long-term growth,” the CEO said in a statement.
The company plans to deploy the proceeds to accelerate its regional expansion, bolster its technology stack, and deepen its footprint across Asia’s digital economy.
The fresh capital injection follows a profitable fiscal year 2025 for PolicyStreet, where it recorded over $1 million in profit. Lee noted that the company’s focus remains on integrating insurance products directly into digital transactions as a primary driver for growth.
For Cool Japan Fund, the investment is a strategic play to facilitate the cross-border expansion of Japanese goods. By leveraging PolicyStreet’s embedded insurance model, CJF aims to lower consumer trust barriers for Japanese products sold via e-commerce platforms in Southeast Asia.
“PolicyStreet’s initiatives support sound and sustainable economic activity and also contribute to creating an environment in which Japan’s high-quality products and services can be more readily accepted overseas,” said Kenichi Kawasaki, President, CEO, and COO of Cool Japan Fund.
