Insurtech company PolicyStreet has raised $US1.8 million in Series A funding to further expand into the South East Asian market.
The latest investment round was led by KK Fund, a VC investing in seed stage internet and mobile startups across South East Asia, Hong Kong and Taiwan.
Further investment was secured from Spiral Ventures, which focuses on the South East Asian and Japanese markets.
The funding round was raised via equity crowdfunding platform, PitchIN and follows on from the $US1.2 million raised in April, also through equity crowdfunding.
The insurtech company, set up in Singapore with key operations in Malaysia, says it aims to democratise the insurance industry by making it more affordable and appealing to millennials, by creating new digital products that fit their lifestyle needs.
PolicyStreet, co-founder, Wilson Beh says the successful investment round was especially pleasing considering the tough conditions brought on by the coronavirus pandemic.
“We are extremely thankful to raise our Series A investment against the backdrop of a global pandemic,” he says.
“It goes on to show that the need for a simpler, easier and more affordable insurance protection is even more significant especially at this time of healthcare crisis.”
Principal at Spiral Ventures, Ryu Hirota posted that the coronavirus has highlighted the need for more affordable user friendly insurance applications across South East Asia and that PolicyStreet is well placed to capitalise on the growing demand.
“In South East Asia, generally insurance penetration has not grown to its full potential, but due to the recent outbreak of Covid-19, the demand for people to hedge various risk is sharply rising,” he says.