Kin Insurance, a Chicago, IL-based provider of an insurance platform for homeowners, raised $35m in Series B funding.
The round, which brought total funding raised to date to $86m, was led by Commerce Ventures, with participation from Hudson Structured Capital Management, Flourish Ventures, QED, Alpha Edison, Allegis NL Capital, Avanta Ventures, August Capital, and the University of Chicago, via its Startup Investment Program, and others.
The company intends to use the funds to continue to expand operations and its business reach.
Launched by seasoned financial tech entrepreneurs Sean Harper and Lucas Ward in 2016, Kin is an insurtech startup and licensed insurance carrier focused on fixing home insurance through tech and customer service.
The company leverages thousands of property data points to customize coverage and prices through a simple user experience. Kin manages the Kin Interinsurance Network (KIN), a licensed insurance carrier and reciprocal exchange owned by its customers who share in the underwriting profit.
The company also has an office in St. Petersburg, Florida, and currently serve Florida, Texas, Georgia, and Alabama.