Insuretech start-up Kin has raised $47m in a new funding round led by August Capital, with participation from Hudson Structured Capital Management (HSCM Bermuda).
Avanta as well as the UChicago Startup Investment Program also joined the funding round.
Kin has been operating as a managing general agent. As a result, it has to depend on other insurance carriers for its license along with underwriting capital.
Kin said that it will use the fresh investment to establish its own insurance entity, Kin Interinsurance Network, in Florida.
Initially, the new firm will provide home insurance services over the phone, and through email. Later, it will expand across the US.
Kin cofounder and CEO Sean Harper said: “We wanted to be able to control all aspects of the customer experience, and the best way to do that was to launch a carrier.
“We have a team of the best insurance minds in the business guiding our path, and we believe in what we’re doing: taking the difficulty and high cost out of home insurance and focusing on what really matters — taking care of the homeowner.”
Following the latest round, Kin has overall raised more than $60m till now.
Kin Insurance, which was established by Harper and Lucas Ward in 2016, raised $12m last year.