Kin Insurance, a direct-to-consumer home insurance company, has raised $82m in Series D funding.
The funding was led by QED Investors with participation from returning investors Commerce Ventures, Flourish Ventures, Hudson Structured Capital Management, Alpha Edison, Allegis NL Capital, Avanta Ventures, and August Capital, as well as new investors Geodesic Capital and PROOF.VC. There were additional commitments for a second close totalling $18m.
Kin Insurance had raised $133m in equity funding prior to this round, including a $63.9m Series C round, which was raised to support the company’s global expansion efforts.
With this funding, Kin said it will continue to recruit top talent across all departments, expand its suite of insurance products, and bring its proprietary technology and direct-to-consumer model to additional states.
The company strives to make home insurance more convenient and affordable by cutting out administrative and agent-related expenses. Kin’s technology platform draws on thousands of data points to evaluate the risk profile of each home and price policies accurately. Kin said this is particularly important for homes that are hard to insure, including those that are impacted by severe weather events caused by climate change.
Sean Harper, chief executive officer of Kin, said, “We’re modernising 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. 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.”
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