HSCM-backed Kin completes $82m funding round
Direct-to-consumer home insurance company Kin has completed an $82m Series D funding round, winning support from investors, including Hudson Structured Capital Management (HSCM).
HSCM, which does its reinsurance business as HSCM Bermuda, was among the returning investors, having also helped finance the acquisition of Kin by Omnichannel Acquisition Corp last July. Other included Commerce Ventures, Flourish Ventures, Alpha Edison, Allegis NL Capital, Avanta Ventures (the venture arm of CSAA Insurance Group, an AAA Insurer), and August Capital. They were joined by new investors Geodesic Capital and PROOF.VC.
Kin also gained commitments for a second close totalling $18m. The funds add to the $133m in equity funding raised before the series D round.
“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,” said Sean Harper, chief executive officer of Kin. “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.”
The firm aims to make home insurance more convenient and affordable by “cutting out administrative and agent-related expenses”. Kin says customers receive faster quotes through its technology platform, which draws on thousands of data points to evaluate the risk profile of each home and price policies accurately.
“This is particularly important for homes that are hard to insure, including those that are impacted by severe weather events caused by climate change,” the company said.
