Kin raises $82 million
Kin Insurance announced the $82 million first close of its Series D round, with additional commitments for a second close totaling $18 million. 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.
In January, Kin and Omnichannel Acquisition Corp., a publicly traded special purpose acquisition company, called off their SPAC IPO as a result of “current unfavorable market conditions.” Kin had raised $133 million in equity funding prior to this round.
Kin, which currently operates in Florida, Louisiana and California, is “poised to launch in several new markets and provide affordable pricing and essential coverage to vastly more people in 2022.”
“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. 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 Harper, CEO of Kin.
“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. 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.” – Amias Gerety, Partner at QED.