Kin, a Chicago, IL-based digital, direct-to-consumer home insurance company, raised $15M in funding.
The round was led by Activate Capital.
The company intends to use the funds to expand operations and its business reach.
Led by CEO Sean Harper, Kin is a pure-play, direct-to-consumer digital insurer focused on the homeowners insurance market, which makes homeowners insurance convenient and affordable by eliminating the need for external agents. Its technology platform utilizes data points about each property to provide accurate pricing, and deliver customized options for coverage.
Kin operates in eight states where it serves approximately 115,000 policyholders, and its reciprocal exchanges have nearly $345M of premium in force.
Commenting on the news, Sean Harper: “We ended the year with approximately $85 million in cash, which doesn’t include the cash in the reciprocal exchanges we manage. But in this environment, having a strong balance sheet is particularly beneficial, which is why we’re excited to partner with Activate on the investment.”
FinSMEs
06/02/2024