The investment was raised during a Series B fundraising round under Khazanah’s Dana Impak mandate, according to a joint statement by both companies today.

Dana Impak, a crucial pillar of Khazanah’s “Advancing Malaysia” strategy, aims to enhance Malaysia’s economic competitiveness, foster national resilience, and create socioeconomic benefits for the people. The fund manages an allocation of RM6 billion over five years.

Khazanah managing director Amirul Feisal said: “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”.

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

The group said it intends to use the raised funds to strengthen its technology and underwriting capabilities.

“PolicyStreet is committed to empowering underinsured businesses and consumers by providing accessible insurance solutions,” said PolicyStreet CEO and co-founder Yen Ming Lee.

“With over half a million B40 gig workers and 50,000 small-medium enterprises (SMEs) already benefitting from our services, we aim to serve 2.5 million gig workers and 300,000 SMEs within the next five years,” he added.

Dave Ng, general partner of Altara Ventures – the lead investor in the group’s Series B fundraising round – said PolicyStreet has grown their business five times in 2022, achieving a sum insured of US$6 billion (RM27.59 billion), serving over 5 million customers.