PolicyStreet, an insurance technology company, founded in Jan 2017, opened its fundraising exercise to the angel network via Malaysia’s #1 Equity Crowd Funding (ECF) platform PitchIN, has successfully raised USD 1.8 million (MYR 7.8 million) in the Series A investment, which is led by KK Fund, an existing investor of PolicyStreet.
The investment round is also participated by Spiral Ventures, another Singapore-based venture capital fund.
The company aims to use the funds raised to sharpen its technological capabilities, increase sales and marketing activities and expand into new markets. It is looking forward to fill protection gaps and address customer needs in the Southeast Asian emerging markets.
“We are grateful and thankful to have the support of KK Fund, Spiral Ventures and 274 angel investors who believed in our business and saw our potential,” said Lee Yen Ming, co-founder and CEO of PolicyStreet.
Lee said they have undeniably attracted very notable and sophisticated investors from Board Members of listed companies, Executive Directors, C-suites, Vice Presidents and many others whom they will be looking up to for guidance and advice leveraging on their respective experiences.
According to Koichi Saito, General Partner of KK Fund Covid-19 has increased the awareness and need to have an adequate insurance protection which has accelerated the business demand for PolicyStreet.
“I am very proud of the PolicyStreet team for being able to fundraise during this unprecedented crisis,” he said, adding that they are looking forward to seeing higher growth in their business as they expand in the region.
Sam Shafie, CEO of PitchIN echoes the same sentiments, “We’d like to congratulate PolicyStreet on their fundraising. Despite the challenges of fundraising during a global pandemic and the restrictions accorded by the local Movement Control Order, PolicyStreet has now become the most successful company to have fund-raise via Equity Crowdfunding in Malaysia.
“We’ve put this down due to their commitment to making themselves available for investors by utilising virtual platforms to reach out to the investors and a clear vision of where they’d like to take PolicyStreet to.”
“We are honored to support PolicyStreet`s vision to become an end-to-end and full stack digital insurance platform for the under-insured population in Southeast Asia, and we believe that PolicyStreet will be able to achieve this goal with its unique and strong distribution, product development, and licensing strategies and capabilities.” commented Yuji Horiguchi, Director from Spiral Ventures Asia.
In 2019, PolicyStreet was the only local insurance technology company who obtained the Financial Adviser and Islamic Financial Adviser approval from the Central Bank of Malaysia enabling it to work with over 35 insurers and offer more than 1,000 insurance products.
Through its platform, consumers and businesses are able to choose and purchase insurance policies based on their needs and requirements. It has also integrated its API solution with various channels and industries to develop an active ecosystem.