Kin raises $50 million

Kin Insurance has raised “an oversubscribed” $50 million Series E financing, at a pre-money valuation of $2 billion. The company also closed on a $200 million debt facility, $145 million of which was used to repay an existing debt facility.

The lead investors in the Series E round are QED Investors and Activate Capital, with participation from other new and returning investors. The debt financing is led by Wellington Management. The Series E brings the total primary equity raised to $286 million.

The home insurance startup serves customers in 13 states – Alabama, Arizona, California, Colorado, Florida, Georgia, Louisiana, Mississippi, Missouri, South Carolina, Tennessee, Texas, and Virginia.

The company says it is profitable since 2023, but the reciprocals it manages continue to lose money and for the first half of the year they posted a $24 million net underwriting loss.

The company is working on a car insurance offering and it is also had openings for mortgage loan officers.

“Insurance is a critical safety net, but it’s disappearing just when people need it most. We built Kin differently. Our unique use of data and expert analysis enable us to better assess risk profiles of specific homes and offer customized protection. We’ll use this funding round to expand in markets most affected by natural disasters in a way that’s sustainable, scalable, and customer-focused.” – Kin Founder and CEO Sean Harper.

“Kin fills a gap impacting millions of Americans that will intensify for the foreseeable future. And, as a direct-to-consumer company, they’re doing it with precision, efficiency, and empathy. Unfortunately, extreme weather is a reality for most of the country and legacy insurers are struggling to serve these homeowners. Kin is showing that technology can help humanity adapt to the current situation. It’s a necessary and bold business strategy. We’re proud to deepen our partnership.” – Amias Gerety, partner at QED.

“Kin’s unique approach allows them to price affordable policies in geographies disproportionately impacted by extreme weather events. They’re not just writing policies; they’re offering a vital financial service to homeowners who need it most. We’re enthusiastic about investing further in a company that’s truly innovating and making a real difference.” – Eric Meyer, partner at Activate Capital.