The company plans to use the funding to scale its product offerings. Here are the top-line bullets you need to know.
Kin Insurance, a home insurance technology company, has raised $63.9M in a Series C. The round drew participation from Senator Investment Group, Hudson Structured Capital Management, and Alpha Edison, among others.
How’s the company performing?
- Illinois-based Kin Insurance is a licensed home insurance technology firm that provides instant coverage in catastrophe-prone regions.
- The company reported a $100M run rate in April 2021, a 300% year-over-year increase.
- Kin expanded its operations to Louisiana in March 2021. Prior to this, it had operations in California and Florida.
- It has over 200 employees across the US.
Source: Kin Insurance
Why does the market matter?
- The global insurtech market is projected to grow at a CAGR of 10.8% and reach a value of $10.1B by 2025, according to Mordor Intelligence.
- The insurtech sector is seeing significant growth in investment, with 2020 seeing an all-time high in annual funding at $7.1B, per CB Insights.
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