Germany-based insurance policy management app developer Clark closed a €13.2m ($14.8m) series A round today featuring media-for-equity funding from media companies ProSiebenSat.1, provided through its Seven Ventures subsidiary, and Axel Springer.
FinLeap supplied “several million euros” in the round, which included Yabeo Capital, Kulczyk Investments, HitFox, TA Ventures, Tenderloin Ventures and GMPVC, the ad-for-equity fund formed by media groups Regiocast, RTL II and Wall AG/JCDecaux.
Clark’s robo advisor app enables users to manage their insurance portfolio while also providing analysis and suggestions. The funding will go to further development of the technology and the expansion of Clark’s 20-strong team.
Christopher Oster, founder and CEO of Clark, said: “We are very happy with the great interest in Clark and our oversubscribed financing round. Now, we will further develop our robo advisor. Through our media partnerships we are able to offer our services to more customers.”
Clark previously raised an undisclosed amount in October 2015 from ProSiebenSat.1 Accelerator, Target Global, FinLeap, angel investors Karl-Heinz Floether and Thomas Noth, and members of its management team.