Malaysia-based digital insurance platform PolicyStreet raised an additional US$6 million as it closed its series A round. Altara Ventures, Auspac, and Gobi Partners led the round.
Last June, PolicyStreet had initially raised US$1.8 million in series A money that was led by KK Fund.
Besides the funding, the company also received a general insurance and reinsurance license in principle by the Malaysian Labuan Financial Services Authority. This allows PolicyStreet to create and underwrite insurance products.
Launched in 2017, PolicyStreet allows users to digitally purchase insurance products. It has recently announced partnerships with AirAsia Money and MyTukar for auto insurance and FoodPanda for delivery partner coverage.
The fresh funds will go toward the firm’s regional market expansion, technological development, and product improvement.
“We are excited to have the capability to introduce new sachet-based and on-demand insurance products with our new license to power up the insurtech ecosystem, while continuing to provide value to all our existing customers in Southeast Asia,” said Yen Ming Lee, CEO and co-founder of PolicyStreet.
The company currently has 40 life and general insurance and Islamic insurance providers in Malaysia.
Lee said that the firm was eyeing an entry into the Indonesian and Indochina market by this year.