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Kin Insurance

Kin Insurance
Company typePrivate
IndustryInsurance, technology
Founded2016; 8 years ago (2016)
FounderSean Harper, Lucas Ward, Sebastian Villarreal
HeadquartersChicago, Illinois, United States
Area served
United States
ServicesHome insurance
Number of employees
575
Websitewww.kin.com

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]

History

Kin Insurance, Inc. was established in 2016 by Sean Harper, Lucas Ward, and Sebastian Villarreal, who had experience in financial technology, having built and sold businesses to Groupon, Insight Venture Partners, and Avant.[5][6][7]

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]

References

  1. ^ "Kin Insurance | Company Overview & News". Forbes. Retrieved 2024-10-04.
  2. ^ "Kin Insurance surpasses $1bn valuation and gains Unicorn status". FinTech Global. 2024-02-06. Retrieved 2024-10-04.
  3. ^ "FACTBOX-Some insurtech companies get multibillion-dollar valuations". reuters.com. August 3, 2021. Retrieved 2024-10-04.
  4. ^ Stevens, Pippa (2021-07-19). "Home insurance company Kin to go public via SPAC merger". CNBC. Retrieved 2024-10-04.
  5. ^ a b c Hall, Christine (2022-03-01). "Live near an ocean? Kin Insurance's data aims to more accurately predict home risk". TechCrunch. Retrieved 2024-10-04.
  6. ^ "Eight tips for buying homeowners insurance". Washington Post. 2021-01-22. ISSN 0190-8286. Retrieved 2024-10-04.
  7. ^ Compton, Natalie B. (2020-12-18). "You asked: How do I get an Airbnb refund for canceled plans?". Washington Post. ISSN 0190-8286. Retrieved 2024-10-04.
  8. ^ Lawler, Ryan (2017-08-01). "With $4 million in funding, Kin wants to change how homeowners get insured". TechCrunch. Retrieved 2024-10-04.
  9. ^ "Funding Snapshot: Homeowners' Insurance Provider Kin Insurance, Inc. Secures $4 Million". wsj.com. August 1, 2017. Retrieved 2024-10-04.
  10. ^ Wilkins, Pete (2018-11-29). "5 startup trends that shaped the Midwest in 2018". VentureBeat. Retrieved 2024-10-04.
  11. ^ walker, alastair (2023-10-31). "Kin Insurance, Inc. Signs Up New Brand Ambassador". insurance-edge.net. Retrieved 2024-10-04.
  12. ^ "Kin Insurance surpasses $1bn valuation and gains Unicorn status". FinTech Global. 2024-02-06. Retrieved 2024-10-04.
  13. ^ Shen, Lucinda (September 13, 2023). "Exclusive: Home insurtech Kin reaches $1 billion valuation". axios.com. Retrieved 2024-10-04.
  14. ^ Martinez, Carlos (2024-02-06). "Kin Insurance, Inc angles for 2025 IPO filing, listing in 2026". ION Analytics. Retrieved 2024-10-04.
  15. ^ "KIN INTERINSURANCE NETWORK - Demotech". demotech.com. Retrieved 2024-10-04.
  16. ^ "InsurTech Magazine - November 2020 by insurtechdigital". issuu.com. 2020-10-22. Retrieved 2024-10-04.
  17. ^ "Kin Insurance | Better Business Bureau". www.bbb.org. Retrieved 2024-10-04.
  18. ^ "Kin Insurance - InsurTech Innovation Awards 2022". The Digital Insurer. Retrieved 2024-10-04.
  19. ^ Stevens, Pippa (2021-07-19). "Home insurance company Kin to go public via SPAC merger". CNBC. Retrieved 2024-10-04.
  20. ^ Suknanan, Jasmin (May 3, 2024). "Kin Insurance offers coverage in states prone to natural disasters — is it right for you?". cnbc.com. Retrieved 2024-10-04.
  21. ^ Ecker, Danny (June 26, 2024). "Fast-growing insurance tech firm inks sublease for Merchandise Mart office". chicagobusiness.com. Retrieved 2024-10-04.
  22. ^ "Kin Insurance to Go Public Via Matt Higgins SPAC Deal". Bloomberg.com. 2021-07-19. Retrieved 2024-10-04.
  23. ^ "Eight tips for buying homeowners insurance". Washington Post. 2021-01-22. ISSN 0190-8286. Retrieved 2024-10-04.

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