Kin Insurance, a Chicago, IL-based insurance technology company, raised $69.2M in Series C funding.
The round was originally co-led by Hudson Structured Capital Management Ltd. (doing its re/insurance business as HSCM Bermuda) and Senator Investment Group. Now, Symphony Ventures, an investment partnership established by professional golfer Rory McIlroy and his team, joined along with Flourish Ventures, a global fintech fund founded by Pierre Omidyar, the founder of eBay.
The company intends to use the funds to ramp up hiring and expand into new markets such as Texas and the Gulf Coast, and hurricane-prone regions that touch the Atlantic Ocean.
Led by CEO Sean Harper, Kin is an insurance technology company focused on making the purchase of home insurance easy by analyzing more than 10,000 property data points to evaluate the risk and price policies fairly. The technology also reduces general and administrative expenses, which constitute roughly 15 percent of premiums at legacy homeowners insurance companies. Finally, by selling its products directly to consumers, Kin eliminates the expense of paying outside agents.
The company currently operates in Florida and Louisiana.
FinSMEs
04/06/2021