US-based insurance technology developer Kin Insurance received $47m in funding yesterday from investors including Avanta Ventures, the corporate venturing subsidiary of insurer CSAA Insurance.
The round also featured asset management firm Hudson Structured Capital Management and UChicago Startup Investment Program, a venture capital fund set up by University of Chicago for startups affiliated with the institution, along with several unnamed participants.
Founded in 2016, Kin has built a platform that analyses thousands of publicly available data points to recommend appropriate home insurance policies. It claims to be the first insurance technology provider to serve homeowners in regions prone to natural disasters and damage caused by the climate crisis.
The funding will facilitate the launch of Kin Interinsurance Network, which will have the ability to underwrite its own home insurance policies, in the US state of Florida.
The company also serves clients in Texas, Georgia and Alabama as a managing general agent and brokerage. It plans to further expand across the US in the near future.
Kin raised $13m in a February 2018 round that likely included August Capital and Commerce Ventures, according to a regulatory filing.
Commerce Ventures, Omidyar Network, 500 Startups, Chicago Ventures, Portag3 Ventures and assorted angel investors had already supplied $4m in seed capital for the company in August 2017.
