The PolicyStreet team
Malaysia-based insurtech platform PolicyStreet announced today that it has raised US$1.8 million in Series A investment, led by existing investor KK Fund.
Singapore-based Spiral Ventures also participated in the new round and the rest of the funds was raised via Malaysia’s Equity Crowd Funding (ECF) platform PitchIN, according to a press statement.
The startup will use the capital to enhance its product, increase sales, expand into other regions, and also for marketing.
PolicyStreet allows customers to buy insurance policies directly from its platform. It mainly targets millennials with its products, and the goal is to make the insurance industry fun and relevant for its young users.
In order to do this, the startup promotes simple insurance products that it claims demystifies normal industry jargons in a 3-step approach.
In 2019, the insurtech firm received approval from Malaysia’s central bank BNM to become a financial advisor. This allows PolicyStreet to work with over 35 insurers and offer more than 1,000 insurance products.
As of now, the company serves large conglomerates and SMEs.
Also Read: Malaysia’s PolicyStreet gets central bank approval for financial advisory
“Aggregation will not enable us to advise the right products to different target customers, but financial advisory will. We want to advise customers without prejudice, and we will marry technology and innovation to remove ‘fats’ in the ecosystem by driving transparency and simplicity in insurance,” PolicyStreet CEO Lee Yen Ming, previously commented.
Previously, PolicyStreet had raised US$500,000 in seed funding from KK Fund and received grants from Cradle Fund.
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Image Credit: PolicyStreet
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