Clark, a Berlin/Frankfurt, Germany-based insurance robo advisor, closed a US$29M Series B financing.
The round, which brings total financing to date to US$45m, was led by Portag3 Ventures and White Star Capital, with participation from existing investors Coparion, Kulczyk Investments and Yabeo Capital.
The Fintech company builder FinLeap remains as major shareholder with the company.
The company intends to use the funds to scale its advanced technology platform.
Founded in July 2015 by Dr. Christopher Oster, CEO, Steffen Glomb, Dr. Marco Adelt and Chris Lodde, Clark enables end customers to manage their insurance portfolios digitally via their smartphone or computer. Utilizing its robo-technology, customers receive an assessment of their contracts as well as personalized insurance optimizations. Over 10 million bank customers in Germany now have access to the digital insurance services of Clark via partnerships.
The company has acquired close to 100,000 customers for its digital insurance services.