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September 2023
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September 2023
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Malaysia’s Khazanah leads US$15.3 million funding in insurtech firm PolicyStreet

The investment was raised under Khazanah’s 10 billion ringgit Dana Impak mandate
By Goh Thean Eu   
June 9, 2023

Malaysian sovereign wealth fund Khazanah Nasional has led a US$15.3 million funding round in PolicyStreet, a six-year-old local insurance technology firm.

The investment was made under Khazanah’s Dana Impak initiative, which seeks to support the local startup ecosystem of entrepreneurs, venture capital and corporate venture programmes.

The wealth fund has allocated 6 billion ringgit ($1.3 billion) to invest under the initiative, which was launched in January 2022.

Khazanah announced the PolicyStreet investment in a statement on June 8, with the insurtech firm saying it plans to use the capital to bolster its technology and underwriting capabilities.

There was no information on other investors in the fundraising round.

“Dana Impak is our commitment for strategic investments to increase Malaysia’s economic competitiveness and build national resilience, while delivering socioeconomic benefits and impact to Malaysians,” Khazanah Managing Director Amirul Feisal says in the statement.

“Our investment in PolicyStreet aims to improve insurance penetration within the unserved and underserved segments which advocates inclusivity, providing better financial protection, increasing household resilience and financial well-being.”

He adds that Khazanah will continue to invest in “innovative and impactful solution providers that leverage technology and product innovation to serve the nation”.

Founded in 2017 by Yen Ming Lee, Wilson Beh and Winnie Chua, PolicyStreet is a full-stack insurtech company that offers digital and customised insurance solutions to consumers and businesses.

Khazanah had a net realisable asset value of 122.5 billion ringgit as of end-December.