The German VC community has rewarded the Frankfurt-based startup with a EUR69 million Series C round. It has a proven concept, a flat hierarchy, and a service that benefits many businesses. Its potential to disrupt the protection industry is significant. The EUR69 million round positions the company to compete. Here are three reasons to back Clark. Let’s take a closer look at each.
European Financial Center
Founded in the heart of the European financial center in Frankfurt, Germany, the Main Tower offers a unique view of the city. The glass-and-iron building has a striking facade, with the industrial-era Atlas carrying the world on its shoulders. Figures representing steam and electricity aid the Atlas. Visitors can enjoy the view from the tower’s rooftop. The Main Tower is open to the public, and the views are spectacular.
The Temple is located in Frankfurt, a historic town near the major highway. It is located on a slightly elevated plot of land and includes ancillary buildings, including the residence of the temple president, a missionary housing facility, and a stake center. The grounds of the temple are landscaped with flowers and shrubs. It was the second temple built within the current borders of Germany. In 2015, it welcomed approximately 70,000 visitors during its public open house.
Flat Hierarchy
Has a Frankfurt flat hierarchy at Clark 69m Series solved the problems of traditional companies? Despite its flaws, flat hierarchies have their advantages. For instance, a flat structure helps organisations move faster, with less effort. However, many people do not believe in democracy in the workplace. They are content with the strategy decided by a few top people. This approach can have negative consequences. However, Clark’s history and flat structure make it an attractive investment.
The downside of a flat hierarchy is that the middle management is generally small and rotates. In a traditional hierarchy, the middle manager is responsible for a much bigger slice of the workforce. Despite this, flat hierarchies give managers greater responsibility, and may even reduce the number of middle managers in the organisation. As a result, managers in flat organisations are generally less powerful and have more autonomy.
Raised EUR69 Million in Funding
Digital insurance manager Clark has announced the raising of EUR69 million in Series C funding. The new funding will help the company expand its product offering and user acquisition efforts in the German market. The company was founded in June 2015 and has previously raised EUR59 million in funding from investors including Tencent, Portag3 Ventures, White Star Capital, and Yabeo. According to the company, the new funding will help it scale globally.
The latest investment in the company’s venture is a fresh injection of capital from Tencent, the world’s largest internet company. Tencent is a digital platform company whose products and services enhance the lives of internet users and help businesses modernize. Its subsidiaries provide social networking, music, mobile games, payment systems, entertainment, and artificial intelligence. Tencent has also invested in several other startups in Germany, including Clark.
Acquired Another Company
In an era of unicorns and unicorn-like companies, it’s rare to find a tech startup that’s already a billion-dollar company that’s acquired another company. Clark’s deal with Innogy represents a rare case where a company has acquired another unicorn. As Clark announced earlier this year, it was worth $1 billion. While the company would not comment on the deal, it’s worth noting that it completed a two-step acquisition process, which involved paying shareholders in cash.
Final Words:
In July of this year, Heliad invested a mid-single-digit million Euro amount in CLARK, which will help them leverage its strong position in the insurance market. This deal will further accelerate the company’s growth in the insurtech sector and help the company grow internationally. Founded in June 2015, Clark has over 450,000 customers in Germany and hopes to reach a million by 2023.
