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Insurtech startup Clark collected 69 million EUR with leading investors being the Chinese company Tencent

The digital insurance manager Clark was able to close another successful financing round in 2020 — with 85 mn US$. One of the leading investors is the well known Chinese company Tencent (owner of Wechat).

Some weeks ago we wrote about the growth of Clark — including their Austrian expansion and new customer number records in 2020 — today the news have been all over the media again, since the insurance company , founded in 2015, received a total of 69 million euros from various investors. According to the Handelsblatt , the financing round took place shortly before the Christmas holidays in 2020, what we call in between the year in Germany.

Among the investors is the well known Chinese Tencent Holding , which, among other things, counts China’s most widely used messenger Wechat among its products. In addition to Clark, Tencent is already involved in more than 160 startups that have received billions in valuation.

Christopher Oster, founder and CEO of Clark, expressed his satisfaction with the deal to the Handelsblatt and announced that the capital provided would help his company to grow even faster. The money is to be used primarily to drive growth on the national German market further. The number of customers is expected to increase from currently 300,000 users to over a million within the next three years. Oster also wants to more than double the awareness of the brand from 15 to 40 percent in the same period.

No further international expansion planned for the time being, but the European market is also to be attacked in the medium term. Here Clark wants to become the largest insurance broker in Europe. However, no further offshoots abroad should be added for the time being. For the time being, Clark wants to concentrate fully on Germany and Austria this year and continue to grow from there. Also because the restrictions of the ongoing corona crisis make planned expansions abroad more difficult for startups.

Until a bit of normality has returned, Clark is offering German-speaking customers an app as usual, which enables users to keep an eye on all important and relevant information about their insurance in one application.

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Pedro Gonçalo Ferreira

Pedro Gonçalo Ferreira

Editor in chief of FRANKFURT VALLEY

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