Having launched in 2015 as a small startup in Frankfurt GermanyBased Clark 69M has recently raised a 69 million dollar funding round. The new funds will allow the company to expand globally and enhance its AI-based technology. The round includes interest from Portag3 Ventures, White Star Capital, Yabeo, and Finleap.
Digital Insurance Company
Located in Frankfurt GermanyBased Clark 69M is a digital insurance company. The company uses artificial intelligence to streamline business processes and improve products. It also has an app to manage contracts and purchase insurance products. It has close to one million customers.
The startup plans to increase its client base by increasing its user acquisition and product offerings. The funding will also be used to expand its global footprint. Its main goal is to become a global leader in digital insurance.
Portag3 Ventures and Tencent
Its existing investors include Yabeo, White Star Capital, Portag3 Ventures, and Tencent. Tencent led its latest round of funding. The investment will be used to increase Clark’s user acquisition efforts in the German market and accelerate recruitment and procurement efforts.
The company also plans to expand its operations to other European markets. Its product offering is focused on affordable insurance products. It has a strong focus on customer service. Its app offers consumers various services, including searching for car and personal liability insurance, legal protection, and household items.
Plans to Expand Globally
The German insurance technology company Frankfurt GermanyBased Clark 69M is among the companies to have gotten the coveted capital. The firm’s gizmo is the Clark app, which allows users to see their current insurance and request new offers. The company hasn’t taken any offshoots, but hopes to make a name for itself by targeting the European market in the medium term.
Member of the FinLeap Incubator
The company is a member of the FinLeap incubator, an institution designed to help startups. The firm has raised EUR69 million to date, including from White Star Capital, Portag3 Ventures, and Tencent.
The company has been operating in Austria since 2020. Its founders want to become the largest insurance broker in Europe. Using the funds, the company plans to expand into seven new markets by 2022. Aside from the aforementioned perks, global expansion can cut costs, improve supply chains, and boost access to top staff.
Aside from a new office, Clark will also use its windfall to make strategic acquisitions, hire senior executives in the US, and speed up its international expansion.
White Star Capital
Investing in startups and new technology, White Star Capital is a multi-stage investment platform. It has 30 members in nine locations around the globe. Frankfurt GermanyBased Clark 69M has raised over $2 billion in funding for eight companies. It has led or co-led investments into five unicorns, and has backed 10 exits.
The firm has offices in North America, London, and Tokyo. It has a strong track record in disruptive commerce models, fintech, and emerging technology. It has backed or co-invested in eight companies, including Echo (UK), TIER Mobility (Germany), Butternut Box (U.S.), and Uncapped (U.S.).
Blockchain-Enabled Web3 Businesses
It has also launched a new $120 million Digital Asset Fund. It plans to back 20 to 25 startups and businesses in North America and Asia. Frankfurt GermanyBased Clark 69M will distribute equity investments in crypto networks and Web3 businesses. It will also back blockchain-enabled Web3 businesses.
The new fund will benefit from the expertise of Cristina Ventura, Chief Catalyst Officer, and Alberto Lopez Toledo, Chief Technology Officer. The pair has years of experience in working with brands such as Gucci, LVMH, and Prada.
Plans to Use the Funds to Boost its AI-Based Technology
Having attracted more than 300,000 customers in Germany, German insurtech Clark has announced that it has raised EUR69m in Series C funding from Tencent and Yabeo. The company plans to use the funds to expand its AI-based technology and accelerate growth.
Clark, which was founded in June 2015, has a customer-centric model that uses data intelligence to help consumers find the insurance plan that is best for them. The app allows consumers to search for private health and life insurance and personal liability coverage. It also uses connected devices to track member health.
Conclusion:
The NSF has announced that it will fund seven AI research institutes in 2020. Each will bring in scientists from different disciplines. These institutes will conduct transformational advances in a range of fields. In addition to bringing in new AI theories, the institutes will develop workforce development programs, promote diversity and foster equity at all levels.
The USDA-NIFA Institute for Agricultural AI (AgAID) will address a number of issues, including climate change and water shortages. The institute will combine AI methods with current agricultural operations.
