Insurtech Startup Closes $13 Million in Financing
Kin Insurance, a home insurance insurtech startup, secured $13 million in funding backed by the Silicon Valley VC firm August Capital. Previously, Kin raised $4 million from leading venture capitalists and angel investors, among them Commerce Ventures, Omidyar Network, 500 Startups, Chicago Ventures, and Portag3 Ventures.
Historically, buying home insurance meant long applications, complex policies, limited offerings, and time lost on the phone with a local broker. Kin’s all-online process is designed to provide homeowners the ability to get a quote in seconds with just their address, including homes in riskier regions that are often overlooked by big insurance companies. Since its official launch in 2017, Kin provides home insurance in Florida and Texas, but plans to make its offerings available nationally in 2018.
The company plans to use this latest round of funding to launch new products in 2018.