Kin Insurance, Inc. is an American technology company founded in 2016. The company offers home insurance through its data-driven platform. Coverage is issued through the Kin Interinsurance Network and the Kin Interinsurance Nexus Exchange. Kin Insurance surpassed $1bn valuation and gained unicorn status.[1][2][3][4]
In September 2016, the company completed an angel funding round, securing $650,000 from a group of investors. This was followed by a seed funding round in August 2017, in which Kin raised $4 million from various investors, including Service Provider Capital and Sandalphon Capital.[8][5][9] In February 2018, Kin completed its Series A funding round, raising $13.1 million with Commerce Ventures and August Capital as lead investors,[10] followed by a Series C funding round in June 2021, where it secured $69.2 million from investors such as Flourish Ventures and Hudson Structured Capital Management. In a Series D funding round in March 2022, the company raised $82 million. A subsequent third close in March 2023 added $15 million to the Series D total, bringing it to $109 million. In September 2023, Kin announced a $33 million Series D extension, with QED Investors leading the round.[5]
In October 2023, the company partnered with designer and television host Ty Pennington, who joined Kin as a brand ambassador.[11]
In 2023, its value passed $1bn, and it secured unicorn status within the Series D round of investments.[12][13] By February 2024, Kin had raised an additional $15 million in financing from Activate Capital, a growth-stage venture capital firm, bringing the total equity funding to approximately $265 million.[14] Kin's carriers, the Kin Interinsurance Network and the Kin Interinsurance Nexus Exchange received a Financial Stability Rating of A, Exceptional, from Demotech.[15] In 2023, Kin was reviewed as A+ by the Better Business Bureau.[16][17]
Operations
The company can maintain coverage in high-risk areas by focusing on data and artificial intelligence.[18][19] It provides home insurance in Florida, Alabama, Arizona, Georgia, Louisiana, Mississippi, South Carolina, Tennessee, Texas, and Virginia.[20] The company is headquartered in Chicago, Illinois and operates digitally to save on brick-and-mortar locations.[21][22] Sean Harper is CEO of Kin Insurance, Inc.[23]