Khazanah Nasional Bhd, Malaysia's sovereign wealth fund, has taken the lead in a Series B fundraising round for PolicyStreet, a Malaysian insurtech company. The funding round raised approximately RM67 million, with participation from other investors.
PolicyStreet aims to improve insurance penetration among unserved and underserved segments, particularly gig workers and small and medium-sized enterprises (SMEs). The company's innovative digital platform provides accessible and affordable insurance products tailored to the specific needs of these customer segments.
Khazanah Nasional's investment in PolicyStreet is in line with its Future Malaysia Programme, which focuses on fostering technological advancements and product innovation within local start-up ecosystems. The investment aims to support PolicyStreet's expansion plans, enabling them to reach and serve millions of gig workers and SMEs across Malaysia.
By increasing insurance coverage and financial protection, PolicyStreet and its investors seek to enhance the financial inclusivity and resilience of individuals and businesses within the gig economy and SME sector. The Series B funding will also facilitate PolicyStreet's continuous efforts to develop and offer innovative insurance solutions that meet the evolving needs of these customer segments.