Malaysia-based insurance technology company, PolicyStreet, has raised $1.8 million (MYR 7.8 million) in a series A funding round led by KK Fund.
PolicyStreet's recent funding marks the largest funding round raised via equity crowdfunding (ECF) in Malaysia, particularly during the height of the pandemic.
The funding round was raised via ECF platform, PitchIN— participated by both international and local investors, as well as a government co-investment fund.
PolicyStreet reportedly closed the fundraising campaign earlier than scheduled, after achieving more than 500% of the minimum funding requirements.
Founded in 2017 by Yen Ming Lee, Wilson Beh, and Winnie Chua, PolicyStreet is an online platform that makes buying insurance simple, easy, and affordable with un-bias choices and transparency.
The company is also the only local InsurTech company that has obtained the Financial Adviser and Islamic Financial Adviser approval from the Central Bank of Malaysia.
Moving forward, PolicyStreet aims to use the freshly raised funds to sharpen their technological capabilities, increase sales and marketing activities, and expand into new markets across the SouthEast Asian Region.
"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. We have undeniably attracted very notable and sophisticated investors from Board Members of listed companies, Executive Directors, C-suites, Vice Presidents and many others whom we will be looking up to for guidance and advice leveraging on their respective experiences", mentioned Lee Yen Ming, co-founder and CEO of PolicyStreet.
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