PolicyStreet Secures Second Sovereign Wealth Fund Backing in Series C First Close

PolicyStreet, a Malaysian-born regional insurtech company, has secured US$21 million in the first close of its Series C funding round, led by Cool Japan Fund (CJF), Japan’s sovereign wealth fund, with participation from existing investors Altara Ventures and Gobi Partners, as well as other investors.

The investment follows the company’s recent announcement that it recorded over US$1 million in profit for FY2025, marking a key milestone in its journey to build a sustainable and profitable insurtech platform. The new capital will support the company’s next phase of growth, accelerating regional expansion, strengthening its technology infrastructure, and deepening partnerships across Asia’s digital economy.

“With Cool Japan Fund joining this round, PolicyStreet is now backed by two sovereign wealth funds, which serves as a strong validation of both our 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,” said Yen Ming Lee, Co-Founder and Chief Executive Officer of PolicyStreet.

The investment by Cool Japan Fund underscores the strategic role of embedded insurance in strengthening consumer trust within Asia’s digital commerce ecosystem. By addressing key confidence barriers in cross-border transactions, PolicyStreet enables greater participation in regional e-commerce, aligning with Cool Japan Fund’s broader mission to support the global expansion of Japanese products and services.

“PolicyStreet is addressing a critical challenge in digital commerce by building a sense of security and assurance through its embedded insurance model, which seamlessly integrates insurance into transactions and services. We believe this approach, which provides essential protection while minimizing friction for users, has the potential to serve as a foundation for the safe and confident expansion of online commerce and digital services,” says President, CEO, and COO of Cool Japan Fund, Kenichi Kawasaki.

“While digital commerce continues to grow across Asia, there are still areas where frameworks for trust and risk management are not yet fully established. 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. Through this investment, we look forward to contributing to the expansion of Japanese companies across Asia and to the creation of overseas demand,” adds Kawasaki.

Since its previous fundraising round led by Khazanah Nasional, Malaysia’s sovereign wealth fund in 2023, PolicyStreet has scaled rapidly across Asia under the leadership of insurance professionals Yen Ming Lee, Wilson Beh, and Winnie Chua. The company has doubled the number of customers served from 5 million to over 10 million, while increasing its total sum insured from US$6 billion to more than US$10 billion.

“Altara has partnered up with PolicyStreet since 2021 in its Series A and we are delighted to back them again in this round for future growth. The company has consistently delivered strong results with capital discipline, scaling its platform to become a regional insurtech leader. We are excited with the many upcoming opportunities for the company,” said Dave Ng, General Partner of Altara Ventures.

Over the same period, PolicyStreet has expanded its regional footprint through strategic partnerships across key sectors, including gig work, mobility, travel, logistics, and telecommunications in Asia.

“PolicyStreet’s continued momentum and expanding ecosystem partnerships demonstrate how technology-driven insurance can deliver both strong commercial outcomes and meaningful social impact. As early investors, we have seen the team execute with discipline while staying committed to addressing real protection gaps across Asia. PolicyStreet is a clear example of how backing the right founders in the region can generate both financial returns and lasting impact, and we are proud to continue supporting the company in its growth journey,” said Gobi Partners Co-founder and Chairperson, Thomas Tsao.

This growth trajectory has also been recognised through industry rankings and awards, including the Financial Times and Statista’s High-Growth Companies Asia-Pacific 2026 list and The Asset’s Triple A Digital Awards, where PolicyStreet was named Best Digital Insurance Project.

PolicyStreet remains in active discussions with investors as it progresses through its Series C fundraising, reflecting continued strong interest in the company’s growth trajectory and long-term vision. Building on this momentum, the company will continue to deepen strategic partnerships and strengthen its technology platform as it scales its presence across Asia.