Clark, the Germany-based insurance robo-advisor developer backed by media groups ProSiebenSat.1 and Axel Springer, completed a $29m series B round today that increased its total funding to $45m.
The round was co-led by venture capital firm White Star Capital and Portag3 Ventures, the firm sponsored by financial services providers Power Financial and IGM Financial, and insurance holding company Great West-Lifeco.
Investment firm Kulczyk Investments and VC firms Coparion and Yabeo Capital, all of which are existing investors in Clark, also participated in the round.
Founded in 2015, Clark has built a robo-advisor that uses artificial intelligence to help users manage their insurance and retirement policies through computers or mobile devices. It supplies insurance policies from 160 partners and has almost 100,000 customers.
Christopher Oster, co-founder and chief executive of Clark, said: “I am very proud of the team. Over the next few years, we will continue to focus on growth to cement our digital insurance management as the standard in Europe.
“To drive Clark’s development, we will invest in our team in both Frankfurt and Berlin, especially in technology and marketing.”
Clark received $14.8m in a 2016 series A round featuring Seven Ventures, ProSiebenSat.1’s corporate venturing unit, as well as Axel Springer, Yabeo, Kulczyk, FinLeap, HitFox, TA Ventures, Tenderloin Ventures and media company-backed ad-for-equity fund GMPVC.
ProSiebenSat.1 Accelerator had previously joined FinLeap, Target Global and angel investors Karl-Heinz Floether and Thomas Noth as well as members of Clark’s management team to provide its seed funding in 2015.