Clark, a Germany-based developer of digital insurance management software, has raised €69m ($83.9m) in a series C round led by internet group Tencent.
The round included existing investors Portag3 Ventures, which is backed by financial services firms Power Financial and IGM Financial, and venture capital firms White Star Capital and Yabeo Capital.
Founded in 2015, Clark provides an artificial intelligence-equipped robo-adviser that helps users navigate their insurance policies and retirement plans on its platform. It can evaluate and compare product offerings from more than 160 insurers, for some 300,000 customers in Germany and Austria.
The company closed a $29m series B round in 2018 that was co-led by White Star Capital and Portag3 Ventures and which included insurance and financial holding company Great West-Lifeco, Coparion, Kulczyk Investments and Yabeo Capital.
Kulczyk and Yabeo had participated in a $14.8m series A round for Clark two years earlier, investing alongside media groups Axel Springer and ProSiebenSat.1, the latter through its Seven Ventures unit, in addition to FinLeap, GMPVC, HitFox, TA Ventures and Tenderloin Ventures.
ProSiebenSat.1 Accelerator had already backed a seed round for the company in 2015 that also featured FinLeap, Target Global, individual investors Karl-Heinz Floether and Thomas Noth, and Clark’s leadership team.
Tencent assistant general manager Alex Leung said: “With its technology-driven and customer-centric business model, Clark is a clear leader in the digital insurance industry in Germany. We are pleased to support Clark with our investment to further drive its growth in the insurtech industry.” (Translated from German by Global Corporate Venturing)
