Malaysian insurtech PolicyStreet has secured an additional sum of $5 million in its Series C funding round, while Singapore-listed Q&M Dental Group is acquiring Thailand’s Deezy.
PolicyStreet bags $5m more in Series C
Malaysian insurtech startup PolicyStreet has secured an additional $5 million investment, bringing its ongoing Series C funding round to $26 million, according to an announcement.
The additional funding comes from impact investor BlueOrchard, which invested through its InsuResilience Investment strategy.
BlueOrchard now joins existing backers including Malaysia’s sovereign wealth fund Khazanah Nasional, Japan’s Cool Japan Fund, and venture investors Altara Ventures and Gobi Partners.
PolicyStreet first announced in April that it secured $21 million in the first close of its Series C funding round. The round was led by Cool Japan Fund (CJF), a Japanese sovereign wealth fund, with participation from returning investors Altara Ventures and Gobi Partners.
The insurtech company said it will use the latest capital to strengthen its technology platform, expand partnerships for embedded insurance, and accelerate the development of insurance products.
“BlueOrchard’s participation in our Series C round is a strong validation of that mission and our belief that impact and commercial success can go hand in hand,” said Yen Ming Lee, co-founder and CEO of PolicyStreet.
Q&M to acquire Thailand’s Deezy
Singapore-listed Q & M Dental Group has agreed to acquire an effective 51% stake in Thailand’s Deezy Q & M Dental Group for 994.5 million baht (about $39 million), according to an announcement.
The acquisition will give Q & M control of a network of 33 dental clinics across Bangkok and northeastern Thailand, expanding its regional footprint beyond Singapore, China, and Malaysia.
Under the agreement, Q & M will pay 700 million baht in cash, funded through a combination of bank borrowings and internal resources, while the remaining 294.5 million baht will be settled through the issuance of new Q & M shares priced at S$0.70 apiece.
The shares will account for about 1.7% of the enlarged share capital and will be subject to a 15-year lock-up.
Deezy was founded in 2017 by dentists Nanthisak Piyanantisak and Thunyaporn Pongkajornkitjakarn. It operates with more than 400 dentists and has served over 400,000 patients, offering services including general dentistry, orthodontics, cosmetic dentistry, and implants.
