Golfer Rory McIlroy partners with eBay founder to invest in insurtech Kin
Golfer Rory McIlroy, the former world number one who is estimated to be worth some £170 million, has made an investment in a US insurtech firm dedicated to making home insurance more accessible in regions most impacted by climate change and natural disasters.
Kin is an insurance technology company whose mission is making home insurance easy and affordable. In May, it raised $63.9 million in a Series C funding round. This additional investment takes the total raised to $69.2 million for the round.
McIlroy has made the investment via Symphony Ventures, an investment partnership established by 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, which operates in the re/insurance business as HSCM Bermuda and Senator Investment Group.
Kin last raised money with a $23 million Series B last summer, and is backed by investors which include August Capital and Commerce Ventures. Other investors in the round include the University of Chicago through its Startup Investment Program, along with Allegis NL Capital, and Alpha Edison.
Kin claims that its proprietary platform allows the company to price risks in real time and ingest more data than competitors. Its technology also reduces general and administrative expenses, which constitute roughly 15 percent of premiums at legacy homeowners’ insurance companies. By selling its products directly to consumers, Kin eliminates the expense of paying outside agents.
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, the company said. Priority regions for expansion include Texas and the Gulf Coast, and hurricane-prone regions that touch the Atlantic Ocean.
"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, Kin CEO and co-founder.
"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."
McIlroy said: "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. 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."
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