A few weeks after a report that it is in talks to go public, home insurance startup Kin announced its newest funding from Symphony Ventures, an investment partnership established by professional golfer Rory McIlroy and his team. Joining Symphony Ventures was Flourish Ventures, the global fintech fund founded by Pierre Omidyar, the founder of eBay, bringing the total capital raised in this round to $69.2 million.
The round had raised $63.9 million as of May 20 from investors including Senator Investment Group, Hudson Structured Capital Management, the University of Chicago’s startup investment program, Allegis NL Capital and Alpha Edison. Earlier backers include August Capital and Commerce Ventures.
“Our focus in Symphony Ventures is to partner with technology companies that have a digital-first approach and who are truly innovating our day-to-day lives,” said McIlroy. “As a Florida resident who has toured the world on the PGA Tour, I’ve seen the devastation that severe weather and climate change can have on communities.”
“We are thrilled to secure Rory as our latest investor, as Kin now joins the ranks of his high-profile partnerships and investments in truly innovative technology companies,” said Sean Harper, Kin CEO and co-founder. “As climate change continues to impact many regions like Florida and Louisiana, access to affordable home insurance is a priority that is often overlooked.”
McIlroy is not the only celebrity in Kin’s orbit these days. There have been reports that it intends to go public via Omnichannel Acquisition Corp., a special purpose acquisition company led by recurring “Shark Tank” guest judge Matt Higgins.
Kin offers homeowners, landlord, condo, and mobile home insurance through the Kin Interinsurance Network (KIN), a reciprocal exchange owned by its customers who share in the underwriting profit. Kin says its proprietary platform allows the company to price risks in real time and process more data than competitors while reducing general and administrative expenses. Kin also eliminates the expense of paying outside agents.
Kin currently operates in Florida and Louisiana. The company said priority regions for expansion include Texas and the Gulf Coast, and hurricane-prone regions on the Atlantic coast.