In June, a German company, Clark, raised EUR69M in Series C funding. The company has acquired Innogy and aims to revolutionize the protection industry. In this article, we look at the company’s strategy, and how it plans to grow. Its founders are passionate about the protection industry and have a strong understanding of how to capitalize on it. We also cover Clark’s recent acquisition of Innogy.
Digital Insurance Manager Company
Frankfurt is an insurance management app with the aim to make insurance easier for people. The company’s digital platform combines independent insurance expert advice with best-in-industry user experience. With over 300,000 customers, the company aims to make insurance easy for people. It offers a host of tools that will help people save time and also money while managing insurance policies. Its proprietary mobile application can also help people make informed decisions about insurance.
In Frankfurt, the insurance market is one of the largest in the world, with more than EUR194 billion in gross written premium each year and over 50k mostly offline brokers. As a result, most policyholders are dissatisfied with their insurance providers and also are looking for a digital solution to make their lives easier. Clark, founded in 2013, aims to fill this void by bringing a digital insurance manager experience to an analogue industry. With its robo-advisory platform and its team of certified insurance experts, the company has raised EUR69 million in Series C funding and continues to grow.
It has Raised EUR69 Million in Series C Funding
Frankfurt German insurtech startup Clark has secured EUR69 million in Series C funding. The funding round was led by Tencent with participation from Portag3 Ventures, White Star Capital, Yabeo, and also other companies. The company intends to use the funds to improve its product and expand its user base in Germany. It has already signed up over 450,000 customers and also expects to reach 1 million by 2023.
The Frankfurt financing will be used to increase the team’s development and also procurement efforts. Tencent, the Chinese web goliath, will also play a key role in the business. Clark was established in June 2015, and has since added more than 450,000 German clients. The company plans to expand its services to over a million clients by 2023. Its founders are pursuing an unconventional approach to insuring their clients.
It has Acquired Innogy
A German digital insurance manager, Clark, has received EUR69 million in Series C funding. The money will help the company expand its product offering and also user acquisition efforts in Germany. The company was found in June 2015 and previous raised EUR59 million. Investors include Tencent, Portag3 Ventures, White Star Capital, and Yabeo. The new funding will help Clark scale globally. It has over 450,000 customers in Germany, and hopes to grow to 1 million by 2023.
Win-Win Situation
The deal is a win-win situation for RWE and Innogy. RWE is one of the world’s largest renewable energy producers. With this acquisition, the company will double its renewable energy portfolio and have over 50 million customers and also 75,000 employees. Its combined company will operate in 15 countries. RWE announce the acquisition in March 2018, and also the deal is approved by the Europe Commission in September. As part of the transaction, the innogy General Meeting has passed a resolution to transfer minority shareholders’ shares to E.ON, and minority shareholders will receive appropriate cash compensation.
It Aims to Revolutionize the Protection Industry
The newest addition to the German digital insurance market, Clark, is a digital platform that helps customers manage their insurance contracts. The platform analyzes each customer’s current insurance situation, offers better rates, and also even offers alternate policies. Founded in 2015, the company already serves over 300,000 customers in Germany. It plans to expand into Austria in 2020. Clark is led by Dr. Marco Adelt and Philip Steiner, who have an eye for innovative products and also customer acquisition. This latest funding round will be used to expand the company’s digital platform and product development.
Final Words:
The company has received EUR69 million in Series C funding led by Tencent, a Chinese internet company. It already employs over 200 people across three locations and also plans to expand its operations globally, including the Austrian market, in the next two years. The company plans to focus on building a solid reputation in the German and also Austrian markets, and it is confident it will be able to scale across the globe.