New funding will help Kin ramp up hiring and expand into new markets
CHICAGO, IL – June 3, 2021 – Kin, the insurance technology company that makes home insurance easy and affordable, today announced its newest funding from Symphony Ventures, an investment partnership established by professional golfer Rory McIlroy and his team. Joining Symphony Ventures was Flourish Ventures, the global fintech fund founded by Pierre Omidyar, the founder of eBay, bringing the total capital raised in this round to $69.2 million. The round was originally co-led by Hudson Structured Capital Management Ltd. (doing its re/insurance business as HSCM Bermuda) and Senator Investment Group.
"We are thrilled to secure Rory as our latest investor, as Kin now joins the ranks of his high-profile partnerships and investments in truly innovative technology companies," said Sean Harper, co-founder and CEO of Kin. "As climate change continues to impact many regions like Florida and Louisiana, access to affordable home insurance is a priority that is often overlooked. With Kin, we analyze more than 10,000 property data points in comparison to the mere hundreds assessed by legacy insurance providers, which makes us better equipped to evaluate the risk and price policies fairly."
Whereas legacy insurers rely on outdated, inflexible technology, Kin's proprietary platform allows the company to price risks in real time and ingest more data than competitors. Kin's technology also reduces general and administrative expenses, which constitute roughly 15% of premiums at legacy homeowners insurance companies. Finally, by selling its products directly to consumers, Kin eliminates the expense of paying outside agents.
"Our focus in Symphony Ventures is to partner with technology companies that have a digital-first approach and who are truly innovating our day-to-day lives," said McIlroy. "As a Florida resident who has toured the world on the PGA Tour, I've seen the devastation that severe weather and climate change can have on communities. This is why I am delighted to invest in Kin to help expand their offerings to new geographies, providing simpler solutions direct to the consumer."
Kin currently operates in Florida and Louisiana – a strategic decision to focus first on regions most impacted by climate change and natural disasters because they need affordable solutions now. Priority regions for expansion include Texas and the Gulf Coast, and hurricane-prone regions that touch the Atlantic Ocean.
Kin is the home insurance company built for the future. By leveraging thousands of property data points, Kin customizes coverage and prices through a super simple user experience. Kin offers homeowners, landlord, condo, and mobile home insurance through the Kin Interinsurance Network (KIN), a reciprocal exchange owned by its customers who share in the underwriting profit. Because of its efficient technology and direct-to-consumer model, Kin provides exceptionally low prices without compromising coverage. To learn more, visit www.kin.com.
About Rory McIlroy
Rory McIlroy is a professional golfer from Northern Ireland who is a European and PGA Tour member. Rory has won 28 tournaments worldwide, including four major championships, two FedEx Cups and, thus far, has spent 106 weeks as number one in the Official World Golf Ranking. Rory has partnerships with NBC, Nike, Omega, Optum, and TaylorMade. In addition to that, Rory is a partner of Symphony Ventures, which has an investment portfolio of technology companies across health, wellness, and golf.
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