– GERMANY, Frankfurt am Main – Clark, the Insurance-robo-advisor, today announced the closing of a US$29 million financing round, the largest Series B financing of any European insurtech to date, led by FinTech investor Portag3 Ventures and transatlantic fund White Star Capital. Existing investors, including Coparion, Kulczyk Investments and Yabeo Capital, also invested new funds in the Frankfurt and Berlin-based company, bringing total financing to date to US$45 million. The Fintech company builder FinLeap remains as major shareholder with the company.
Clark enables end customers to manage their insurance portfolios digitally and transparently via their smartphone or computer. Utilizing its innovative robo-technology, customers receive an assessment of their contracts as well as personalized insurance optimizations. Leading digital banks, like N26 and DKB, have also realized the potential of this insurtech. Over 10 million bank customers in Germany now have access to the digital insurance services of Clark via partnerships.
Since its founding in July 2015, Clark has acquired close to 100,000 customers for its digital insurance services – making it one of the largest digital insurance players in Europe. Today the company manages US$310 million in contract volume, which is a ten-fold increase from the contract volume it managed in 2016 when it closed its Series A.
“I’m very proud of the team. Over the next few years, we will continue to focus on growth to cement our digital insurance management as the standard in Europe. To drive Clark’s development, we will invest in our team in both Frankfurt and Berlin, especially in technology and marketing”, said Dr. Christopher Oster, CEO & Co-Founder of Clark.
“Clark has quickly transitioned from market entrant to leader in Germany’s digital insurance broker market. By combining a technology-led business model with superb execution, Clark always puts the interests of their customers first. We are excited to partner with Clark and help them achieve their long-term vision”, said Adam Felesky, President of Portag3.
The success of the funding round can be credited to Clark’s rapid speed of growth, the scaling of its advanced technology platform, its fully automated insurance processes, and its delivery of AIpowered insurance advice with over 90% customer satisfaction rating.
Eric Martineau-Fortin, Managing Partner at White Star Capital, said: “We’ve been tracking the Clark team since 2016 and we’ve been very impressed with what it has achieved in a short period of time in one of the largest insurance markets in the world. We are looking forward to being a part of their journey as they tackle an industry ripe for disruption that historically has one of the lowest customer satisfaction rates.”
Clark is Germany’s leading insurance Robo-Advisor, offering its customers a fully automated opportunity to improve their insurance situation. After completing a 2-minute registration process, customers have the opportunity to view their insurance and retirement overview in the insurancecockpit in the app (iOS or Android) or on the website. Clark’s algorithm based analysis offers countless tariffs to its customers. Clark searches over 160 insurance companies in order to identify the best tariff. With just a few clicks, customers have the opportunity to improve their insurance situation. Clark was founded in June 2015 and is managed by Dr. Christopher Oster, Steffen Glomb, Dr. Marco Adelt and Chris Lodde. Clark is well known for its technology based approach which uses its algorithm to solve the complexity of the insurance market.
Find more by visiting www.clark.de.
About Portag3 Ventures
Portag3 Ventures is an early-stage investor dedicated to backing innovating financial services companies working to benefit all consumers. Exclusively sponsored by Power Financial Corporation, IGM Financial Inc. and Great West-Lifeco Inc., Portag3 gives new ideas a unique environment to grow. Portag3 makes longer-term commitments, and combined with its industry intelligence is an ideal partner for the ambitious and creative entrepreneur.
About White Star Capital
White Star Capital is an early-stage Venture Capital firm that invests in exceptional entrepreneurs building ambitious, data-driven businesses. Based out of London, New York, Montreal, Paris and Tokyo our international presence, perspective and people enable us to partner closely with our Founders to help them scale internationally from Series A onwards.
Find more by visiting www.whitestarvc.com.
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