Insurance is seen as a sector ripe for disruption by fintech start-ups, and a company’s latest round of investing has confirmed investors are equally enthusiastic.
Clark.de, a Berlin and Frankfurt based insurtech start-up, has just raised €13.2m in Series A funding (£11.15 million) made up of both equity and media-for-equity advertising, as reported by Techcrunch.
The media-for-equity investment will manifest as TV, online and print advertisements for the company.
Series A funding is the name given to a company’s first significant round of seeking funding.
The app designed by Clark is meant to be a digital insurance advisor. It keeps tabs on all of a customer’s policies, draws their attention to notable clauses and works to manage a user’s budget. It also operates an insurance marketplace where new policies can be bought and suggests possible saving opportunities.
The app also touts an ‘insurance cockpit’, which gives a customer a general overview of their current insurance situation in a single place.
The company, which employs 20 people, claims so far this year it has increased the volume of its managed insurance premiums five-fold to €30 million.
Those funding the startup include Yabeo Capital, Kulczyk Investments, HitFox, TA Ventures and Tenderloin Ventures among others. The company is supported by FinLeap, a startup builder backed by insurance industry investors including Hannover Re.
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