Kin Insurance, a direct-to-consumer home insurance company, announced the $82 million first close of its Series D round, with additional commitments for a second close totaling $18 million.
The funding was led by QED Growth with participation from returning investors Commerce Ventures; Flourish Ventures; Hudson Structured Capital Management Ltd., doing its reinsurance business as HSCM Bermuda; Alpha Edison; Allegis NL Capital; Avanta Ventures, the venture arm of CSAA Insurance Group; and August Capital, as well as new investors Geodesic Capital and PROOF.VC.Kin had raised $133 million in equity funding prior to this round. With the newest funding, the company will continue to recruit talent across all departments, expand its suite of insurance products, and bring its proprietary technology and direct-to-consumer model to additional states, it said in a press release.
“We’re modernizing an industry rife with inefficiency, and we’re doing it with our unmatched ability to move fast and respond to changes in climate, technology, and consumer preferences,” said Kin CEO Sean Harper in the release. “Kin is a force to be reckoned with and this investment will help us extend our lead over legacy competitors that are stuck in the past.”Kin aims to make home insurance more convenient and affordable by cutting out administrative and agent-related expenses. Customers receive a direct experience through Kin’s technology platform, which draws on thousands of data points to evaluate the risk profile of each home and price policies.
“Kin was built exactly for the digital world, where people want greater simplicity, highly customized experiences, and the ability for more self-service,” said QED Partner Amias Gerety in the release. “This capital will allow Kin to be even more ambitious, expanding their offerings and growing to serve millions of households.”
Kin, which currently operates in Florida, Louisiana, and California, is poised to launch in several new markets in 2022, according to the release.
Source: Kin Insurance