Insurance robo-advisor Clark has closed a $29m Series B financing round led by Portag3 Ventures and White Star Capital.
Other contributions came from existing backers including Coparion, Kulczyk Investments and Yabeo Capital. Following the deal, FinLeap will remain as a major shareholder in the company.
Germany-based Clark is an insurance robo-advisor which provides a fully automated platform for consumers to manage their policy portfolio through an app or website. The platform compares over 160 companies to find the best tariffs for insurance products.
Users can search for policies including, personal liability, household, auto, private health, legal expenses, travel, accident, disability, home and private pension.
Since the company’s founding in 2015, the company has acquired nearly 100,000 customers and manages $310m in contract volume, a rise of 10-times from the time of its Series A in 2016.
This equity round will be used to drive its development and expanding its Berlin and Frankfurt technology and marketing teams.
Portag3 president Adam Felesky said, “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.”
This funding round brings the company’s total financing to $45m, having previously raised €13m in its Series A round in 2016. The former series received contributions from a range of investors including FinLeap, SevenVentures, Axel Springer, Yabeo Capital, Kulczyk Investments, HitFox, TA Ventures, Tenderloin Ventures and GMPVC.
Late last year, Portag3 Ventures co-led the £2.2m investment to digital current account company Loot.
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