Clark, a digital insurance manager, has secured 69 million euros in Series C funding. Tencent led the round with participation from other investors that included Portag3 Ventures, White Star Capital and Yabeo.
Frankfurt, 12 January 2021 – Digital insurance manager CLARK today announced a EUR 69M million Series C funding round. With this financing, CLARK plans to accelerate its rapid growth through further investments in its product and user acquisition in order to advance its competitive edge. Tencent led this latest round of financing while existing investors including Portag3 Ventures, White Star Capital and Yabeo have also increased their investments into CLARK.
“We are thrilled that Tencent will help us grow even faster to achieve our goal of becoming the largest insurance broker for consumers in Europe”, said Dr. Christopher Oster, CEO & Co-Founder of CLARK.
“CLARK has proven its capability in using a tech-driven and customer-centric model and becomes a clear leader in the digital insurance industry in Germany. We are glad to invest in CLARK, supporting the company to fuel its growth in the insurtech industry”, said Alex Leung, Assistant General Manager of Tencent.
CLARK is incredibly excited about the prospect of emerging as the category leader in the large insurance brokerage segment, which accounts for 20 billion Euro in commissions in Germany and Austria alone. The market remains ripe for disruption as consumer satisfaction with incumbent solutions remains low. CLARK marries data intelligence with access to human best-in industry insurance advisors to give the best recommendation possible and be the trusted advisor for their consumer, leading to 90% customer satisfaction rating.
The Series C marks the last highlight in a row of significant milestones: CLARK has emerged as one of the leading insurance brokers in the fragmented German broker landscape, grown its customer base to over 300,000 individuals, successfully expanded to Austria and increased its staff to more than 250.
J.P. Morgan acted as Sole Placement Agent on the financing.
CLARK is a leading insurance manager that offers its customers a fully digital way to improve their insurance. After a 5-minute registration process, customers have the opportunity to view the status of their insurance situation in a concise insurance cockpit in the app (iOS and Android) and on the website. Algorithm-based, CLARK provides an analysis of all the customer’s rates. CLARK searches the entire market’s offerings to identify the best rates. Customers then have the opportunity to improve their insurance situation with just a few clicks. CLARK was founded in June 2015 by Dr. Christopher Oster, Steffen Glomb, Dr. Marco Adelt and Chris Lodde in Germany and has also been offering its service in Austria since 2020. In addition to Marco Adelt, the management in Austria is held by Dr. Philip Steiner from Salzburg. CLARK is recognized for combining a technology-driven approach with qualitative consulting by experts.
Tencent uses technology to enrich the lives of Internet users. Our communication and social platforms, Weixin and QQ, connect users with each other and with digital content and services, both online and offline, making their lives more convenient. Our targeted advertising platform helps advertisers reach out to hundreds of millions of consumers in China. Our FinTech and business services support our partners’ business growth and assist their digital upgrade. Tencent invests heavily in talent and technological innovation, actively promoting the development of the Internet industry. Tencent was founded in Shenzhen, China, in 1998. Shares of Tencent (00700.HK) are listed on the Main Board of the Stock Exchange of Hong Kong.