Kin last raised money with a $23 million Series B last summer, and is backed by investors which include August Capital and Commerce Ventures, bringing Kin’s total funding to more than $116 million.
In terms of growth, the company announced last month that it’d surpassed $100 million in annual recurring premium, a 300 percent increase from the previous year.
The company plans on using the funding to increase hiring and expand into new geographies and products.
Kin is currently operating in Florida, California, and Louisiana with a focus on areas where the weather’s been more volatile, as it is harder for customers to get insurance.
The Series C round was led by Senator Investment Group and Hudson Structured Capital Management.
Other investors in the round include the University of Chicago through its Startup Investment Program, along with Allegis NL Capital, and Alpha Edison.
Andrew Sagon, Vice President of Hudson Structured Capital Management, commented in an interview: “We were really excited that the company was getting a lot of traction with the direct model, underwriting effectively, and we saw an opportunity to optimize the business model to set the company up for future growth.”
Via Reinsurance News
