Kin Raises $50M Series E, $2B Valuation, Expands High-Risk Markets

Kin, a Chicago-based direct-to-consumer digital home insurance provider, has raised $50 million in an oversubscribed Series E financing round at a $2 billion pre-money valuation, nearly doubling its previous valuation of $1.1 billion. The company also secured a $200 million debt facility led by Wellington Management, using $145 million to repay existing debt, leaving $105 million in fresh capital to fuel growth, launch a new reciprocal exchange, and invest in innovative products. Kin operates in 13 states, covering over 50% of the total addressable market, with more than $600 million in in-force premiums and $100 billion in insured property value, and has been profitable since 2023. The insurer targets high-risk markets such as California, Florida, Texas, and Louisiana, where traditional carriers have pulled back due to increasing losses from natural disasters driven by climate change. Kin leverages proprietary technology and data analysis to assess risks accurately and offer customized, fairly priced coverage, addressing the growing need for reliable insurance options in underserved areas. Founder and CEO Sean Harper emphasized the company’s commitment to sustainable and scalable expansion in disaster-affected markets, highlighting the critical role of insurance as a safety net amid rising natural catastrophes.