CSAA took part in the first close of a series D round for Kin Insurance, one of several companies using big data to cover higher-risk policies.
US-based online home insurance provider Kin Insurance received $82m in series D funding on Tuesday from investors including insurance provider CSAA Insurance Group’s corporate venturing unit, Avanta Ventures.
The cash represented the first tranche of Kin’s series D round and it was led by QED Investors, while Commerce Ventures, Flourish Ventures, Hudson Structured Capital Management (HSCM), Alpha Edison, Allegis NL Capital, August Capital, Geodesic Capital and Proof.VC also invested.
Kin provides home insurance through a direct-to-consumer model that uses big data to take different risk profiles into account, providing more precise coverage while cutting out middlemen.
The company will use the funding to grow its team and product range while entering new US states. It said it has already received $18m in commitments for the round’s second close.
With climate change increasingly causing adverse weather, more insurance startups are popping up that, like Kin, cater to homes at higher risk…
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
