Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has raised $82 million in the first close of its Series D funding round, with additional commitments for a second close totalling $18 million.
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, and August Capital, and new investors Geodesic Capital and PROOF.VC.
Kin, which had raised $133 million in equity funding prior to this round, will use this latest investment to recruit across its departments, expand its suite of insurance products, and expand into 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.”
“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,” added 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 in 2022.
