Kin raises $15m in financing from new investor, Activate Capital
Kin, the digital, direct-to-consumer home insurance organisation, has announced the closing of $15 million in financing from new investor Activate Capital, a growth-stage VC firm that is heavily focused on the sustainable, resilient transformation of the global economy.
Kin noted that the investment was made at an increased valuation “greater than $1 billion.”
This staggering amount comes during a time where other technology firms are facing difficulty in securing capital.
Kin explained, that with this capital it can continue to accelerate its growth investments. This includes, multiple new markets and products, which will widen the gap with legacy insurers that are not able to quickly respond to changes within climate, technology, and consumer preferences.
Sean Harper, CEO of Kin, commented: “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.”
Moreover, Activate Capital invests in organisations that are building category-defining platforms that address disruptive global events, such as climate change.
Eric Meyer, principal at Activate, said: “As millions of homeowners seek to protect themselves against growing risks from climate change, reliable and affordable insurance grows as a socioeconomic imperative. We believe that Kin’s unique approach to homeowners insurance unlocks new levels of agility in adapting to market challenges and providing necessary coverage in many underserved regions.”
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