Germany-Based Clark Received €69 Million in Its Series C Round Funding November 4, 2022
You might have been hearing a lot about this Germanybased Clark 69m series Tencent lately. Well, I’m here to help you with your petite curiosity.
Starting with the introduction, Clark is an insurance platform that provides transparent, cheap, and reliable insurance coverage. By the end of its third quarter, it announced a new number of customers that it has been assisting, it also announced that Clark’s number of customers has increased tenfold. After its Austrian expansion, the company received about 69 million Euros from various investors, Tencent, a Chinese brand being the major one of them.
Tencent is a Chinese internet company, commonly known for its WeChat messaging service. Not just Tencent, the existing partners have also invested in Clark again.
“We are pleased to have found such an exciting financial investor in Tencent.” ~ Clark CEO, Christopher Oster. About Clark
Clark is a Berlin-based insurance platform that combines technology along with its expertise in insurance for offering simple and customer-centric insurance advice. The company was founded in 2015 by Dr. Christopher Oster and Steffen Glomb. It is supported by the FinTech incubator FinLeap and the famous insurance adviser ITA- Institute for Transparency.
And now Frankfurt Germanybased Clark has raised €69m from Tencent. The funding is led by this Chinese tech giant, Tencent only.
The working of Clark can be understood in this way- it offers options for digital insurance management, which allows users to see their insurance choices in a single place along with helping them make better choices for the same. The company currently has over 300,000 customers from Germany and Austria and is looking to have helped a million of them in the coming three years.
The company mostly works with paper-based policy offerings, and for this, they require funding from various investors across the globe. The recent Series C funding procedure was just like this only. It was led by Tencent along with some other current investors of the company like Yabeo, White Star Capital, and Portage3 Ventures.
“We wanted to raid last April, but the stock market had collapsed and we thought maybe it would be ridiculous, so we waited until the markets calmed down again,” ~ Clark co-founder and CEO, Christopher Oster, he further added- “Tencent is one of the most successful investors out there, they compliment our existing investors, and they follow us on insight into the Chinese tech landscapes which is not always the easiest to get a view on from the outside.”
Let’s now have a look at the funding rounds of Frankfurt Germanybased Clark.
Funding Rounds of Clark
Let’s have a closer look at Germanybased Clark 69m series Tencent funding and other funding it has received since its launch in 2015:
Announced Date Transaction Name Number of Investors Money Raised Lead Investors October 5, 2015 Seed round- Clark 5 – Target Global 29 September 2016 Series A 10 €13.2M – 29 June 2017 Private Equity round 1 – Lexington Partners 25 April 2018 Series B 6 $29M Portage Ventures and White Star Capital 12 January 2021 Series C 5 €69M Tencent Frankfurtbased Clark Received €69M in Series C Funding
The Germanybased Clark announced the completion of a financing round of 69 Million Euros. Tencent, a Chinese internet company being the leading investor, you may have known Tencent from its messaging app, WeChat. Not just Tencent, the existing investors have also invested in Clark again.
Clark has also developed an app, especially for its German-speaking users where they can easily create a contract overview, a mobile insurance broker for cell phones. Even new offers can also be requested from the apps. Clark has started to work on mediating the customers with the insurer.
High Goals Come with High Losses
As per the latest updates that clarify the Frankfurtbased Germany Clark has raised around 105 million euros in the venture capital funding. However, the company itself hasn’t disclosed or commented on the rating yet as they have mentioned that they are more focused on the company’s expansion at the moment.
Clark on Series C Funding
After Germanybased Clark 69m series from Tencent, Christopher Oster, CEO, and co-founder of the company expressed his gratitude and satisfaction from the Series C funding and the deal to the Handelsblatt. He also announced that in this Clark 69m series, the capital that the investors have provided would help the company grow at an even much faster rate.
The money generated is to be used for driving growth in the national German market. And as said before, the company has expected an increase in the number of customers from 300,000 to a million in the upcoming years. And not just the number of customers, Christopher also wants to enhance the awareness of the brand from 15 to 40 percent during the same period.
And for now, no further expansion has been planned by Frankfurtbased Germany Clark, however, they do focus on attacking the European market during the medium term. The founders of Clark also mentioned that they want to become the largest insurance broker in Europe. It won’t be an immediate takeaway though as there haven’t been any offshoots taken aboard by the company at the moment.
They also said that apart from the Clark 69m series, presently they are going to put their entire focus on Germany and Austria for this year and are looking to expand from there only. And the ongoing corona restrictions made worse on the expansion ideas the company had, especially for the abroad ones.
And since there are multifarious restrictions due to the word pandemic, Clark offered its German-speaking audience an app. The app enables the customers to keep up with all the crucial as well as required information they need to know about their insurance and all the upcoming updates related to the same.