Kin Insurance announces Series C funding
Chicago-based home insurance provider Kin Insurance announced its newest funding from Symphony Ventures, an investment partnership established by professional golfer Rory McIlroy and his team. Joining Symphony Ventures was Flourish Ventures, the global fintech fund founded by Pierre Omidyar, the founder of eBay, bringing the total capital raised in this round to $69.2 million. The round was originally co-led by Hudson Structured Capital Management Ltd. (doing its re/insurance business as HSCM Bermuda) and Senator Investment Group.
Founded in 2016, Kin Insurance is currently serving homeowners across Florida, and Louisiana with a focus on catastrophe-prone areas. Priority regions for expansion include Texas and the Gulf Coast, and hurricane-prone regions that touch the Atlantic Ocean.
“We are thrilled to secure Rory as our latest investor, as Kin now joins the ranks of his high-profile partnerships and investments in truly innovative technology companies. As climate change continues to impact many regions like Florida and Louisiana, access to affordable home insurance is a priority that is often overlooked. With Kin, we analyze more than 10,000 property data points in comparison to the mere hundreds assessed by legacy insurance providers, which makes us better equipped to evaluate the risk and price policies fairly.” – Sean Harper, Kin CEO and co-founder.
“Our focus in Symphony Ventures is to partner with technology companies that have a digital-first approach and who are truly innovating our day-to-day lives. As a Florida resident who has toured the world on the PGA Tour, I’ve seen the devastation that severe weather and climate change can have on communities. This is why I am delighted to invest in Kin to help expand their offerings to new geographies, providing simpler solutions direct to the consumer.” – Rory McIlroy.