The funding was led by QED Investors 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 (venture arm of CSAA Insurance Group, a AAA Insurer), and August Capital, and new investors Geodesic Capital and PROOF.VC.
Kin had raised $133 million in equity funding prior to this round, which comes on the heels of Kin’s explosive growth in 2021. With the newest funding, Kin will continue to recruit top talent across all departments, expand its suite of insurance products, and bring its proprietary technology and direct-to-consumer model to additional states.
“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 Sean Harper, Chief Executive Officer of Kin. “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 is making home insurance more convenient and affordable by cutting out administrative and agent-related expenses. Customers receive a direct, frictionless experience through Kin’s technology platform, which instantly draws on thousands of data points to evaluate the risk profile of each home and price policies accurately. This is particularly important for homes that are hard to insure, including those that are impacted by severe weather events caused by climate change. Kin, equipped with good algorithms and quality data, can operate in high-risk places and help customers prepare for the worst and recover quickly when it happens.
This round also underscores the continued private market interest in fintech companies, largely fueled by consumer demand as more people transact online. In 2021, fintechs raised a record-breaking $132 billion and saw the highest proportion of venture capital deals of any industry.
“Sean and his management team have proven their ability to execute in a challenging environment, replacing archaic models and processes with leading technology and net promoter scores that are double the industry average,” said Amias Gerety, Partner at QED. “Kin was built exactly for the digital world, where people want greater simplicity, highly customized experiences, and the ability for more self-service. 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 and provide affordable pricing and essential coverage to vastly more people in 2022.
Source: PR Newswire
