CLARK raises $85 million

CLARK, the insurance startup behind an app that allows users to manage their insurance and get new quotes, has raised $85 million in a new funding round led by Chinese tech company Tencent. Existing investors Portag3 Ventures, White Star Capital and Yabeo also participated in the round.

Founded in 2015, the German startup has raised ~$129 million to date and it operates in Germany and Austria serving 300,000 customers. The app allows customers to view, manage and purchase various insurance products online. Customers with existing coverage can upload their policies to have them analyzed by CLARK, which then compares them with other available offers from over 70 insurance companies to help customers optimize coverage and find savings. Customers also have access to insurance experts via chat or phone.

According to LinkedIn, CLARK experienced a 15% workforce growth over the past year and it now counts ~350 employees. On the other hand, Luko Insurance AG (Coya), another popular insurance startup that raised $40 million, experienced a 27% decline – going from 86 employees in January 2020 to 63 in January 2021.

Update: a CLARK spokesperson reached out to state that the company employs more than 270 employees and works with over 160 insurance carriers.