In a Series C round led by Tencent, the Frankfurt-based digital insurance manager Clark raised EUR69 million. The company plans to use the funds to scale up its business, product development, and user acquisition. It has already signed up over four hundred thousand users in Germany.
Frankfurt-Based Digital Insurance Manager
Tencent led Frankfurt-based digital insurance manager has raised EUR69 million in Series C funding. This investment will go towards expanding the company’s digital platform, which allows customers to manage their insurance contracts. This platform analyzes the customer’s situation, and also compares different policies to find the best rates. Founded in 2015, the company currently serves more than 450,000 customers in Germany, and hopes to have one million clients by 2023. The funding is expected to help the company grow its business and expand its product to other markets worldwide.
Product Offerings & Expand
The new funding will allow Clark to expand its product offerings and expand its user base. The company already has over 450,000 users in Germany, and with the new funding it plans to reach one million customers. It also plans to hire more staff to expand its services.
The new funding will allow the company to accelerate development of its digital insurance manager platform, which provides customers with a simple and also convenient way to manage their insurance policies. The company expects to achieve a one million user base by 2023, and to continue to expand its global reach.
CLARK Combines Personal Contact
CLARK combines personal contact with data intelligence to provide insurance solutions for its customers. Its transparent insurance cockpit allows customers to view their insurance situation and find the best tariffs. It uses an algorithm to search the entire market for the best deals, and it makes it easy for customers to improve their insurance situation with just a few clicks. CLARK was founded in June 2015 by Dr. Christopher Oster in Germany, and since 2020, the company has been offering its services in Austria.
German Insurtech Company
A German insurtech company called Clark has received EUR69 million in Series C funding led by Tencent. With this money, the company will expand its product and user base. It currently has over 450,000 customers in Germany and plans to reach a million by 2023. The company will use the funds to further develop its AI-based product and expand operations to other markets.
The investment came as no surprise. Tencent has been investing abroad for a number of years and also has recently announced a strategic partnership with French game developer Ubisoft. The partnership will allow Tencent to operate and promote Ubisoft games in China. Tencent also has a number of other investments in the German market.
Cloud Computing Products
The company is also investing in cloud computing products and also has launched an in-car version of its app on the first electric BMW iX car. Tencent has also made a deal with Spotify to buy a minority stake in the company just before it began to list on the stock market. Moreover, the company is backed by Silicon Valley investors Peter Thiel and Li Ka-shing. The company is targeting a five to ten percent share of continental Europe’s retail banking market.
As a mid-size U.S. oil and also gas company, Devon has an established presence internationally. It has acquired PenzEnergy, Santa Fe Snyder, and also several other companies, including operations in West Africa and Azerbaijan. This investment will allow the company to continue expanding its global footprint.