Malaysia-based PolicyStreet has secured US$21 million in the first close of its Series C funding round, led by Japan’s sovereign wealth fund, Cool Japan Fund, with participation from existing investors Altara Ventures and Gobi Partners.
This marks the second sovereign wealth fund backing the company, following Khazanah Nasional’s participation in its earlier Series B round in 2023.
The latest funding comes alongside a key milestone for the company—reporting over US$1 million in profit for FY2025, positioning itself as a sustainable and profitable insurtech platform.
Growth, Backed by Execution
Since its previous round, PolicyStreet has scaled its regional presence significantly.
- Customer base grew from 5 million to over 10 million
- Total sum insured increased from US$6 billion to over US$10 billion
This growth has been driven through partnerships across sectors such as gig economy platforms, mobility, travel, logistics, and telecommunications.
The Embedded Insurance Model
At the core of PolicyStreet’s approach is embedded insurance—integrating coverage directly into digital transactions and services.
This model reduces friction for users while addressing trust gaps in digital commerce, particularly in cross-border transactions.
For investors like Cool Japan Fund, this plays a strategic role. The firm views embedded insurance as a way to strengthen confidence in online transactions and support the expansion of Japanese products and services across Asia.
What the Capital Will Do
The new funding will be deployed to:
- accelerate regional expansion
- strengthen technology infrastructure
- deepen partnerships across Asia’s digital economy
PolicyStreet is also in discussions with additional investors as it progresses through its Series C round.
The Local Scope Take
This isn’t just another funding round.
With backing from two sovereign wealth funds and a focus on embedded insurance, PolicyStreet is positioning itself deeper into the infrastructure layer of Asia’s digital economy—where trust, transactions, and distribution intersect.