Kin, a digital insurer specialising in homeowners insurance, has secured $15m in funding from Activate Capital. 

The investment valued the US-based insurtech company at more than $1bn.  

Kin plans to use the investment to fuel its expansion into new markets and support product development as technology, climate and consumer preferences change.  

The company said its revenue grew by more than 50% year-over-year and it maintained positive net income in 2023.  

Currently operating in eight states, Kin serves around 115,000 policyholders.  

The company is a fully licensed carrier that provides coverage via its customer-owned reciprocal exchanges, which boast nearly $345m of premium in force.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Its approach to pricing utilises thousands of data points per property, which is said to enable accurate pricing and superior underwriting results.  

Kin CEO Sean Harper said: “Investors appreciate our focus on the fundamentals – maintaining positive unit economics, using technology for accurate pricing and better underwriting, and eliminating unnecessary steps in the insurance journey. 

“We ended the year with approximately $85m in cash, which does not include the cash in the reciprocal exchanges we manage. But in this environment, having a strong balance sheet is particularly beneficial, which is why we are excited to partner with Activate on the investment.”    

Activate principal Eric Meyer said: “As millions of homeowners seek to protect themselves against growing risks from climate change, reliable and affordable insurance grows as a socioeconomic imperative.  

“We believe that Kin’s unique approach to homeowners insurance unlocks new levels of agility in adapting to market challenges and providing necessary coverage in many underserved regions.” 

In September 2023, the company raised $33m in a Series D extension round

QED Investors led the round, which was joined by Geodesic Capital, Allegis Capital, Hudson Structured Capital Management and Alpha Edison.