Fast-growing startup Kin Insurance has raised more funding as it looks to change the way people buy home insurance.
Chicago-based Kin announced Thursday that it raised a $35 million Series B round led by Commerce Ventures. Other backers include Hudson Structured Capital Management, Flourish Ventures, QED, Alpha Edison, Allegis NL Capital, Avanta Ventures, August Capital and the University of Chicago.
Kin has now raised $86 million to date.
Founded in 2016, Kin's insurance platform allows it to make underwriting decisions quickly based on data from satellite images, public records and other sources. Kin sells insurance directly to homeowners, rather than through outside agents, and has piloted its product in Florida---where many homeowners experience inclement weather.
With the new funding, Kin plans to expand its platform to homeowners across the U.S., focusing on states most affected by severe weather.
“We believe in creating meaningful change for homeowners who need our solution the most,” Sean Harper, Kin’s CEO and co-founder, said in a statement. “Since we established our carrier last summer, we have been able to innovate much faster because we depend less on legacy insurance infrastructure.”
Last year Kin received regulatory approval for the Kin Interinsurance Network, an insurance entity that allowed the startup to independently offer its services in Florida. The platform allows Kin to develop and launch new products in as little as a week, and price risks in real time, the company said. Kin says its model allows the company to offer lower prices without compromising on coverage.
Kin said it will also use the funding to add tech and sales jobs in its Chicago and St. Petersburg, Florida offices.
