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Frankfurt-based Insurtech startup Clark has raised €69 million ($85 million) in fresh funding led by Chinese tech giant Tencent. 

Clark offers digital insurance management options allowing users to see their insurance choices in one place and helps to identify better offers through its platform. The German startup has 300,000 customers in Germany and Austria and is aiming for a million in the next three years, the company said. 

Founded in 2015, Clark’s offering is part of a bevy of insurtech disruptors in Germany competing to digitize the country’s predominantly paper-based policy offerings. 

The Series C funding was led by Tencent alongside existing investors including Portag3 Ventures, White Star Capital and Yabeo. The company declined to comment on valuation. 

“We wanted to raise 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,” Christopher Oster, Clark cofounder and CEO, told Insider in an interview. “Tencent are one of the most successful investors out there, they compliment our existing investors, and they allow us an insight into the Chinese tech landscape which is not always the easiest to get a view on from the outside.”

Clark picked up the funding …read more

Source:: Businessinsider – Technology


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