US-based insurtech Kin Insurance, which is focused on home insurance, is reportedly in negotiations to go public through a merger with blank-check firm Omnichannel Acquisition.
A SPAC, Omnichannel Acquisition is headed by “Shark Tank” guest judge Matt Higgins.
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A transaction could be announced next month, with the merged business to be valued at more than $1bn, reported Bloomberg citing a source.
However, the report also stressed that the possibility of a deal materialising following the discussions is still uncertain and terms could change.
Omnichannel and Kin did not give any official confirmation on the news.
Earlier this month, Kin reportedly secured $63.9m financing in a Series C round.
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By GlobalDataThe round had the backing of Senator Investment Group, Hudson Structured Capital Management, the University of Chicago’s Startup Investment Program, Allegis NL Capital and Alpha Edison.
Kin has a presence in Florida, California, and Louisiana, which are catastrophe-prone regions.
Last October, Kin partnered with Cinch Home Services – a US-based provider of home service solutions. The partnership enables the two companies to deploy new and affordable coverages that protect valuable assets of homeowners.
In March 2021, Hippo Enterprises, another home insurance-focused insurtech in the US, decided to go public.
Hippo will go public through a $5bn merger with SPAC Reinvent Technology Partners Z.
The merged entity is reportedly expected to have around $1.2bn in cash at closing, including up to around $230m of cash held in Reinvent’s trust account.
