Chicago insuretech startup Kin Insurance is reportedly in talks to go public in a special purpose acquisition company.
Bloomberg reported that Kin is in talks to go public via Omnichannel Acquisition Corp., a SPAC led by Harvard Business School executive fellow and “Shark Tank” guest judge Matt Higgins, in a deal valued over $1 billion. The deal has not yet been finalized and terms could change, but if a deal is agreed upon, it could be announced next month, according to Bloomberg.
Founded in 2016, Kin sells home insurance to homeowners in California, Florida and Louisiana, states prone to natural disasters. Kin sells insurance directly to homeowners, rather than through outside agents, which removes middlemen and allows Kin to price its insurance plans at lower rates.
Kin's insurance product makes underwriting decisions quickly based on data from satellite images, public records and other sources.
Earlier this month, the startup raised $64 million in new funding, bringing its total funding to more than $150 million, according to Crunchbase.
Kin, led by CEO Sean Harper and Chief Technology Officer Lucas Ward, said in April that it surpassed $100 million in annual run rate, and that it is growing 300% year-over-year. The startup has grown to around 225 employees, with plans to add another 100 by the end of the year, Harper previously told Chicago Inno.
