US insurtech Kin and Omnichannel Acquisition Corp , a special-purpose acquisition company, are to combine into a $1.03 billion enterprise that is expected to be listed on the NYSE under the new ticker symbol KI.
Kin has also announced plans for a national expansion, signing an agreement to acquire an inactive insurance carrier with licenses in more than 40 states.
The transaction Includes an $80 million commitment from PIPE Led by HSCM Bermuda and Senator Investment Group, with participation from Gillson Capital, Park West Asset Management and other institutional investors
New Strategic Investors Include Joe Plumeri, Former Chairman and CEO, Willis Group Holdings; Stephen Ross, Jeff Blau and Bruce Beal of Related Companies, the most prominent privately-owned real estate firm in the United States; and Gary Vaynerchuk, CEO of VaynerMedia.
Back in May, the firm raised $63.9 million in a Series C funding round, with on increasing staff and expanding into new geographies and products.
Previous Series C Investors Include NBA All-Star Draymond Green and Four-Time Major Champion Golf Pro Rory McIlroy; Both Back Kin to Raise Brand Profile Across the Country.
Before that in 2020, Kin raised $23 million in a successful Series B.
The proposed acquisition of the inactive insurance carrier and the business combination are both expected to close in the fourth quarter of 2021.