Kin, a digital insurer specialising in homeowners’ insurance, has secured $50m in an “oversubscribed” Series E round, achieving a pre-money valuation of $2bn.
The round was led by QED Investors and Activate Capital.
The contribution of both new and existing investors has brought Kin’s total equity funding to $286m, almost doubling the company’s valuation since the last round.
In addition, Kin secured a $200m debt facility, of which $145m has been allocated to repay previous debts.
Wellington Management led the debt financing component.
The combined equity and debt financing equates to an increase of $105m in available capital for the company.
The funding is expected to support the establishment of an additional reciprocal exchange and facilitate the development of new products.
Kin’s current portfolio includes more than $600m in in-force premiums, properties insured for a total value exceeding $100bn and clients in 13 states.
Kin founder and CEO Sean Harper said: “We built Kin differently. Our unique use of data and expert analysis enable us to better assess risk profiles of specific homes and offer customised protection. We will use this funding round to expand in markets most affected by natural disasters in a way that is sustainable, scalable and customer-focused.”
The company’s direct-to-consumer model, underpinned by proprietary technology and data analytics, is said to enable precise risk assessment and equitable pricing.
Kin, established in 2016, operates in the following US states: Alabama, Arizona, California, Colorado, Florida, Georgia, Louisiana, Mississippi, Missouri, South Carolina, Tennessee, Texas and Virginia.
“Kin lands $50m Series E investment at $2bn valuation ” was originally created and published by Life Insurance International, a GlobalData owned brand.
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