Kin Insurance, a US-based insurance technology developer backed by insurance firm CSAA, has collected $63.9m in series C financing, Crunchbase News reported yesterday.
Hedge fund manager Senator Investment Group and alternative asset manager Hudson Structured Capital Management (HSCM) co-led the round, which also attracted University of Chicago (UChicago)’s Startup Investment Program, Allegis NL Capital and Alpha Edison.
Founded in 2016, Kin provides home insurance policies directly to the consumer, rather than relying on a brokerage. It calculates risk based on thousands of data points pulled in from third-party sources, such as government records on building permits and satellite imagery.
The company is currently active in the US states of California, Florida and Louisiana, focusing on markets where severe weather has historically made it difficult for homeowners to buy insurance.
The capital has been allocated to recruitment, the launch of more products and an expansion into additional markets including Texas, the rest of the Gulf of Mexico and other regions bordering the Atlantic Ocean.
Kin has raised nearly $150m in funding to date. Commerce Ventures led its $35m series B round in August 2020, investing with CSAA subsidiary Avanta Ventures, UChicago Startup Investment Program, HSCM, Flourish Ventures, QED, Alpha Edison, Allegis NL Capital and August Capital.
Avanta Ventures, UChicago Startup Investment Program, HSCM and undisclosed other investors had provided $47m in series A funding for the company in 2019.
A regulatory filing indicates August Capital and Commerce Ventures had invested $13m in Kin in 2018, though it confirmed at the time of its series B round that it had secured $86m altogether, suggesting the 2018 investment formed part of its series A round.
Commerce Ventures, Omidyar Network, 500 Startups, Chicago Ventures, Portag3 Ventures and several angel investors joined forces for the company’s $4m seed round in 2017.
The original version of this article appeared on our sister site, Global University Venturing.