Home insurance platform Kin Insurance has closed its Series B round on $35m, which was led by Commerce Ventures.
Other participants of the round were Hudson Structured Capital Management, Flourish Ventures, QED, Alpha Edison, Allegis NL Capital, Avanta Ventures, August Capital, the University of Chicago via its Startup Investment Program and more.
The InsurTech, which is currently available in Florida, is hoping to launch its platform in other US states.
Kin Insurance offers home insurance policies, which are priced in real-time. Its technology uses data to identify the best protection for consumers offering policies including flood, homeowners, hurricane, umbrella, landlord, and mobile home.
Commerce Ventures founder Dan Rosen said, “As early investors in Kin, we’re excited to see how fast the company has grown from startup into a market-leader for directly marketed homeowner’s insurance.
“While many insurers spend much of their gross margin paying third-party agents, Kin has eliminated those costs, thus making the experience both simpler and more affordable for customers.”
With the close of the round, the company has raised a total of $86m in total.
Last year, the InsurTech raised $47m in a funding round supported by August Capital with contributions also coming from Avanta, Hudson Structured Capital Management, UChicago Startup Investment Program and others.
Earlier in the year, Kin partnered with Cape Analytics to back up its homeowner insurance offering so it can give customers better coverage at the lowest price. In leveraging the technology for remote risk assessment, Kin will be able to write policies and serve customers digitally.
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