Malaysian insurtech PolicyStreet raises US$6m Series A led by Altara, Gobi and Auspac

POLICYSTREET, a Malaysia-based digital insurance platform, has raised US$6 million in Series A funding led by Altara Ventures, which is backed by businessman and investor Koh Boon Hwee, Auspac Investment Management and Gobi Partners.

Founded in 2017 by former insurance and finance professionals - Yen Ming Lee, Wilson Beh and Winnie Chua - PolicyStreet aims to simplify insurance buying and policy management through its digital platform. The startup's existing investors include early-stage investor KK Fund and Spiral Ventures.

PolicyStreet has received Financial Advisory and Islamic Financial Advisory approval from the Central Bank of Malaysia. In the auto insurance segment, it is working with AirAsia Money and myTukar, a subsidiary of Carro in Malaysia. It also has a partnership with foodpanda to provide delivery riders coverage.

With the fresh capital, PolicyStreet aims to expand into new markets in the region. Dave Ng, general partner at Altara, expressed confidence in PolicyStreet's ability to "flip the existing model" of insurance.

Allen Cheong, CEO of Auspac Investment Management, said that he is "impressed with how the management team of PolicyStreet has scaled up its market presence in Malaysia within the last few years". Likewise, Thomas Tsao, founding partner and chair of Gobi Partners, lauded the startup's "multiple strategic partnerships".