Digital Insurance Platform, Clark secured $69M in Series C Funding

Germany-based digital insurance company, CLARK declared that they have successfully secured a $69 million fund in a series C round of funding. 

The round was headed by Tencent Holdings Lmt. which is a multinational conglomerate company and some of the existing investors also showed their interest by participating in this round including White Star Capital, Portag3 Ventures, and Yabeo. 

Clark, an insurance manager works to offer its customers a way to improve their policies, digitally. In 2015 the company was co-founded by 4 people, Steffen Glomb, Dr. Christopher Oster, ChrisLodde, and Dr. Marco Adelt.

The Customers can be able to view their insurance situation’s status in the mobile app or on the official website, just after following a rapid registration process. The app can be installed on both, Android and iOS. Their systems were dedicatedly working to provide an analysis of every rate of the customer. The company searches the complete offerings of the market and allows the customers to get the best rates. 

The mobile application offered by Frankfurt, Germany-headquartered company Clark, lets the consumers manage their contracts online, all at one location. The customers can get an evaluation of their insurance status and schedule the details to give them all the crucial details with quick access. 

In 2020, Clark served more than three hundred thousand customers and had also deepened its roots in neighboring Austria. 

It recommends the user a variety of offers like personal liability, car insurance, household items, legal protection, private health insurance, and accident insurance.

In 2018, Clark raised $29 million in series B which was led by Portag3 Venture, Coparion, White Star Capital, Yabeo Capital, and Kulczyk Investments. 

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Clark Overview

The digital insurance management platform, Clark has placed the reason for raising this round’s fund as they want to use the fund in the expansion and growth of the insurtech through product investment and customer acquisition. 

The CEO and Co-Founder of Clark, Christopher Oster said that they are thrilled by the involvement of Tencent, as they think that Tencent would help them to grow at a much faster rate in turn help them to achieve their goal of becoming Europe’s largest insurance broker. 

The Assistant General Manager of Tencent, Alex Leung said that the capabilities of Clark have been proved by them using a customer-centric and technology-driven model and it becomes a crystalline leader in the industry of digital insurance across Germany. 

He added that they are highly thrilled and cheerful to invest in Clark and the thought that they are supporting the company in fueling its growth process in the digital insurance world, excites them highly. 

Tencent is a Chinese Multinational tech and entertainment mixture. It works as a leading influencer in social media, online video games, mobile payments, music, and more. Shenzhen, China’s headquartered company was founded in 1998 and since then, it is working to serve the world and back the industries with innovative ideologies. 

Conclusion

China-based Clark, the digital insurance leader raised a $69 million fund in a series C funding round which was led by Tencent Holdings Lmt. along with previous investors like White Star Capital, Portag3 Ventures, and Yabeo. The company wants to deploy this capital for the expansion and growth of the isurtech through product investment and customer acquisition. 

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