Kin Insurance has received a $4m financing round, alongside the launch of its platform.
Investors to the round included Commerce Ventures, Omidyar Network, 500 Startups, Chicago Ventures and Portag3 Ventures. The round also saw commitments from angels and founders of other technology companies such as Avant, Square, Capital One, LinkedIn and Facebook.
Founded in 2016, Kin offers users the ability to buy home insurance online, ensuring they get the best product available.
The platform covers the entire house, personal property and external structures like sheds. Kin also pays any costs that are a result of damage, including lodging, food costs and more.
Other offerings include protection against people being injured in the clients home and Kin paying medical bills for those injured on the property.
Kin CEO Sean Harper said, “94% of homeowners insurance is still sold through local brokers and agents but only 24% of people under the age of 40 actually want to buy that way, and these are the people who are now buying the most houses. There are more insurance offices than fast food restaurants, which is unnecessary and adds a lot of expense and results in higher prices for the consumer.”
Following the fundraise, the platform has launched in its first state, Florida.
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