Kin Insurance gets HSCM backing to expand into new markets in 2022
Chicago-based insurtech start-up Kin Insurance has secured $82 million Series D financing with additional commitments totaling $18 million from a number of investors including re/insurance firm Hudson Structured Capital Management to expand its suite of insurance products into new markets across the US.
QED Investors led the Series D round with returning investors Commerce Ventures, Flourish Ventures, HSCM Bermuda, Alpha Edison, Allegis NL Capital, Avanta Ventures (venture arm of CSAA Insurance Group, a AAA Insurer), and August Capital, and new investors Geodesic Capital and PROOF.VC.
The insurtech had raised $133 million in equity funding prior to this round, which comes on the heels of its growth in 2021.
With the new funding, Kin plans to recruit top talent across all departments, expand its suite of insurance products, and bring its proprietary technology and direct-to-consumer model to additional US states.
The company currently operates in Florida, Louisiana and California, but is poised to launch in several new markets in 2022.
“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 (pictured), 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.”
Amias Gerety, partner at QED, commented: “Sean and his management team have proven their ability to execute in a challenging environment, replacing archaic models and processes with leading technology and net promoter scores that are double the industry average.
“ Kin was built exactly for the digital world, where people want greater simplicity, highly customized experiences, and the ability for more self-service. This capital will allow Kin to be even more ambitious, expanding their offerings and growing to serve millions of households.”
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