Home insurance startup Kin Insurance has announced the closing of a $33m Series D extension.
The capital injection brings the firm’s total equity funding raised to approximately $265m, as the organisation continues to grow from strength-to-strength.
The round was led by QED Investors with participation from returning investors Geodesic Capital, Allegis Capital, Hudson Structured Capital Management Ltd, and Alpha Edison. It is expected that the cash injection will vastly improve Kin’s liquidity status.
Sean Harper, CEO of Kin Insurance, said: “Investors are putting a premium on growth in the context of profitability, and we’re growing exceptionally fast because we’re able to profitably serve customers who aren’t being well served by incumbents.
“Because we’re already profitable and well funded, we didn’t need to raise right now, but the additional funding strengthens our liquidity position and can be used to fuel more growth. Also, we were able to raise without too much effort, at the same share price, while so many other technology companies are having trouble securing capital.”
The Chicago-based organisation offers easy, affordable homeowners insurance designed for your needs, through its customisable coverage.
Amias Gerety, partner at QED, said: “Kin is structured to scale and skillfully manage the entire insurance value chain, which is why we’re so excited to double down on our investment in this truly seminal business. By leveraging advanced analytics and led by an experienced and world-class management team, Kin is able to offer terrific service at an affordable price.
“Their direct-to-consumer approach and vertically integrated value-added chain assures that customers receive a best-in-class experience, even in markets that other insurers are pulling out of. We believe that Kin will be known as the defining company of the InsurTech 2.0 era.”
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