US-based direct-to-consumer home insurance company Kin has raised $82m in the first close of its Series D funding round.
The company is expected to secure an additional $18m following the second close. It had raised $133m in equity funding before this round.
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QED Investors led the latest round with participation from new investors Geodesic Capital and PROOF.VC.
Existing investors Commerce Ventures, Flourish Ventures, Hudson Structured Capital Management, Alpha Edison, Allegis NL Capital, Avanta Ventures, and August Capital also joined the round.
Kin will use the proceeds to hire across all departments and expand its product portfolio. The funds will also be used to expand its D2C model to additional states of the US.
Currently, Kin operates in the states of Florida, Louisiana and California.
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By GlobalDataKin CEO Sean Harper said: “We are modernising an industry rife with inefficiency, and we are doing it with our unmatched ability to move fast and respond to changes in climate, technology, and consumer preferences.
“Kin is a force to be reckoned with and this investment will help us extend our lead over legacy competitors that are stuck in the past.”
QED Partner Amias Gerety said: “Kin was built exactly for the digital world, where people want greater simplicity, highly customised experiences, and the ability for more self-service. This capital will allow Kin to be even more ambitious, expanding their offerings and growing to serve millions of households.”
