German insurance 'robo-advisor' Clark scores $29 million Series B
Summary
Clark, one of a plethora of so-called insurtech startups offering something akin to a digital insurance brokerage all delivered through a convenient mobile app, has closed a hefty $29 million in Series B funding.The round was led by fintech investor Portag3 Ventures, and VC fund White Star Capital, with participation from a number of existing investors including Coparion, Kulczyk Investments, and Yabeo Capital. Once youve given the startup a mandate to act as your insurance broker, the Clark iOS, Android and web apps let you manage and purchase various insurance products, spanning the full gamut of life, health, and property insurance.Specifically, its algorithms analyze your current insurance situation and automatically propose ways to improve your coverage or get a better deal than the one you are currently on. This, were told, translates to $310 million in contract volume, which the insurtech startup says is a ten-fold increase from the contract volume it managed in 2016 at the time of its Series A.Some of that growth appears to have come from partnerships with a number of banks in Germany, including challenger N26, and incumbents ING-DiBa, and DKB. Four deals with leading companies have been signed and are in development.Over the next few years, we will continue to focus on growth to cement our digital insurance management as the standard in Europe, says Dr. Christopher Oster, CEO and co-founder of Clark, in a statement. To drive Clarks development, we will invest in our team in both Frankfurt and Berlin, especially in technology and marketing.