Kin Raises $50M in Oversubscribed Series E Round, Nearly Doubling Valuation
Kin, a digital homeowners' insurance specialist, has raised $50m in an oversubscribed Series E round, led by QED Investors and Activate Capital. This brings the company's total equity funding to $286m and nearly doubles its valuation since the last round.
Kin now boasts a portfolio of over $600m in in-force premiums and insures properties valued at more than $100bn across 13 states. The company operates through a direct-to-consumer model, utilising proprietary technology and data analytics to provide customised protection.
The Series E round also included a $200m debt facility, with $145m allocated to repay previous debts, led by Wellington Management. This combined equity and debt financing provides Kin with an additional $105m in capital. The funds will support the establishment of an additional reciprocal exchange and facilitate the development of new products.
Kin's founder and CEO, Sean Harper, expressed the company's commitment to using data and expert analysis to better assess risk profiles and offer tailored protection to its clients. With this latest round of funding, Kin is well-positioned to continue its growth and expansion in the digital insurance sector.
