With this latest financing round, Kin’s valuation has surged to over US$1 billion, a testament to its growing presence and potential in the market.
The news comes just 11 months after Kin raised $15 million in a Series D round. At that time, Jon Rezneck, partner and head of the investment team at Geodesic Capital said: “Homeowners insurance distribution is an acyclical market and Kin’s unit economics, which have always been good, have only continued to improve.”
Operating across eight states, Kin Insurance caters to approximately 115,000 policyholders, providing them with comprehensive home insurance solutions. The company’s reciprocal exchanges boast an impressive $345 million in premium in force, reflecting its substantial footprint in the insurance industry.
Commenting on the most recent funding news, Sean Harper, CEO of Kin, said: “Investors appreciate our focus on the fundamentals – maintaining positive unit economics, using technology for accurate pricing and better underwriting, and eliminating unnecessary steps in the insurance journey. We ended the year with approximately $85 million in cash, which doesn’t include the cash in the reciprocal exchanges we manage. But in this environment, having a strong balance sheet is particularly beneficial, which is why we’re excited to partner with Activate on the investment.”
Activate invests in companies building category-defining platforms that address disruptive global forces like climate change. Sustainability and resiliency are at the heart of Activate’s investment strategy, where its portfolio companies are accelerating decarbonization and strengthening shared systems of energy, production, transportation, trade, and infrastructure.
“As millions of homeowners seek to protect themselves against growing risks from climate change, reliable and affordable insurance grows as a socioeconomic imperative,” said Eric Meyer, principal at Activate. “We believe that Kin’s unique approach to homeowners insurance unlocks new levels of agility in adapting to market challenges and providing necessary coverage in many underserved regions.”
Kin operates in eight states where it serves approximately 115,000 policyholders, and its reciprocal exchanges have nearly $345 million of premium in force.
Author: Joanna England
