UChicago once again invested in Kin Insurance, participating in a $63.9m series C round that brought its overall funding to nearly $150m.

Kin Insurance, a US-based insurance technology developer, has collected $63.9m in series C financing from investors including University of Chicago (UChicago) through its Startup Investment Program, according to Crunchbase News. Senator Investment Group and Hudson Structured Capital Management co-led the round, which also attracted Allegis NL Capital and Alpha Edison. Kin Insurance provides home insurance policies directly to the consumer, rather than relying on a brokerage. It calculates risk based on thousands of data points pulled in from third-party sources, such as government records on building permits and satellite imagery. The company is currently active in the US states of California, Florida and Louisiana, focusing on markets where severe weather has historically made it difficult for homeowners to buy insurance. The capital has been allocated to recruitment and an expansion into additional markets – including Texas, the rest of the gulf and regions around the Atlantic Ocean – as well as the launch of more products. Kin has raised nearly $150m in funding to date. UChicago took part in a $35m series B round in August 2020. Commerce Ventures led the series B round, which also attracted Avanta Ventures, the corporate venturing arm of insurer CSAA Insurance, as well as Hudson Structured Capital, Flourish Ventures, QED, Alpha Edison, Allegis NL Capital and August Capital. UChicago had already contributed to a $47m series A round in 2019 that included Avanta Ventures and undisclosed investors. A regulatory filing indicates August Capital and Commerce Ventures injected $13m in 2018. However, Kin confirmed at the time of its series B round that it had secured $86m altogether, suggesting the 2018 investment formed part of its series A. Commerce Ventures, Omidyar Network, 500 Startups, Chicago Ventures, Portag3 Ventures and several angel investors joined forces for a $4m seed round in 2017.

Subscribe to go deeper

GCV subscribers get access to all our proprietary data and deep-dive articles, as well as the global directory of CVC investors.



Not sure if you have a subscription?
Thierry Heles

Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).