We Just Raised $35M in Series B Funding to Fix Home Insurance
Thu Aug 13 2020
Big, exciting news! We’re happy to announce we raised $35 million in Series B funding from a team of visionary investors.
The funding was led by Commerce Ventures with participation from Hudson Structured Capital Management Ltd. (doing its reinsurance business as HSCM Bermuda), Flourish Ventures, QED, Alpha Edison, Allegis NL Capital, Avanta Ventures (venture arm of CSAA Insurance Group, a AAA Insurer), August Capital, the University of Chicago via its Startup Investment Program, and others. Read all about it here.
This round brings our total funding to date to $86 million, and our total insured value (TIV) to more than $4 billion.
Our latest funding will help us grow so we can keep expanding across the US. In fact, since last year, we’ve more than doubled the size of our team, and we’re currently hiring in Chicago, Illinois; St. Petersburg, Florida; and Phoenix, Arizona.
All this will continue to fuel our mission to forever change insurance.
Changing Home Insurance As We Know It
Home insurance is broken. To be exact:
- It’s painfully expensive and hard to get. That’s especially true if you live in an area where you really, really need insurance (hi, Florida).
- It’s one of the lowest rated industries in customer satisfaction and service. On average, 65 percent of folks wouldn’t recommend their home insurer to a friend. Yikes.
- It wastes BILLIONS of consumer dollars on old technology and agents. Did you know 17 percent of your premium dollars go toward outside agents, not paying your claims? And another 15 percent is wasted on administrative costs that could be cut with technology that actually works.
It doesn’t have to be this way, and Kin is proof of that.
Putting Tech Back in Home Insurance
Back in 2016 when we first got our start, our founders took a look at this industry and saw its real potential: insurance is supposed to be a tech-driven product. You can’t exactly hold it in your hands, right?
So we built our company from the ground up to digitize everything.
The result? We can launch new products in a week (like we did with mobile home insurance in Florida), price risks in real time, and crunch thousands of data points about each home to customize coverage in minutes. And most importantly, our customers are super happy.
In the words of our CEO Sean Harper, “We believe in creating meaningful change for homeowners who need our solution the most. We’ve been able to innovate much faster because we depend less on legacy insurance infrastructure.”
That technology also cuts out unnecessary expenses, too. What we don’t spend on overhead, administrative costs, and outside agents, we can pass along as savings to you. On average, our customers save $500 when they switch to Kin.
Turns out, there’s a lot of support for the solution we’re offering, and we’re excited to serve more states soon.
Thanks for joining us on this journey, friends, and stay tuned for more updates. The future looks bright.
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