Kin raises $15 million

Home insurance startup Kin Insurance announced the closing of $15 million in financing from new investor Activate Capital.

Kin claims that the investment was made at an increased valuation “greater than $1 billion.”

The startup operates in eight states where it serves approximately 115k policyholders, and its reciprocal exchanges have nearly $345 million of premium in force.

“Investors appreciate our focus on the fundamentals – maintaining positive unit economics, using technology for accurate pricing and better underwriting, and eliminating unnecessary steps in the insurance journey. We ended the year with approximately $85 million in cash, which doesn’t include the cash in the reciprocal exchanges we manage. But in this environment, having a strong balance sheet is particularly beneficial, which is why we’re excited to partner with Activate on the investment.” – Sean Harper, CEO of Kin.