Insurtechs Kin, Talage Report Successful New Financing Rounds

Kin Announces $82M First Close in Series D Financing

Direct-to-consumer home insurance company Kin Insurance last week announced the $82 million first close of its Series D round, with additional commitments for a second close totaling $18 million.

The funding was led by QED Investors with participation from returning investors Commerce Ventures, Flourish Ventures, Hudson Structured Capital Management Ltd. (doing its reinsurance business as HSCM Bermuda), Alpha Edison, Allegis NL Capital, Avanta Ventures (venture arm of CSAA Insurance Group, a AAA Insurer), and August Capital, and new investors Geodesic Capital and PROOF.VC.

Technology-focused Kin, which targets catastrophe-prone areas, had raised $133 million in equity funding prior to this round. With the newest funding, Kin said it will continue to recruit talent across all departments, expand its suite of insurance products, and bring its proprietary technology and direct-to-consumer model to additional states.

Sean Harper, chief executive officer of Kin, said his company is making home insurance more convenient and affordable by cutting out administrative and agent-related expenses.

Kin, which currently operates in Florida, Louisiana and California, is poised to launch in several new markets, according to Harper.

In January, Kin and Omnichannel Acquisition Corp., a special purpose acquisition company, announced they had mutually agreed to terminate their plan to merge. The parties cited “current unfavorable market conditions” for the termination.

Last December, Kin said it had acquired an inactive insurance carrier holding licenses in 43 states as part of its plan to expand to additional states. That deal was disclosed along with the plan to go public by merging with Omnichannel Acquisition Corp. The SPAC agreement had been expected to close in the 2022 first quarter.

Talage Secures $9 Million for Digital P/C Insurance Quoting

Talage, a provider of digital distribution software for commercial insurance, announced $9 million in new venture funding.

The round was led by Merus Capital, with participation by Calibrate Ventures, Hallador Financial, Advantage Capital, and Reno Seed Fund.

Talage, which now offers access to more than 30 API-enabled insurance products, said the financing will broaden its reach, increase brand awareness and help it serve more commercial lines carriers, agents and wholesalers.

Talage is a digital distribution platform for the commercial property/casualty insurance industry that automates traditionally manual processes such as applications or submissions. The software equips agencies, wholesale brokers and carrier partners with the digital tools to support automation and growth in the small business segment.

Over the past 12 months, Talage has added quoting for professional liability and cyber insurance and tools to simplify renewals, book rolls, and cross-sell opportunities.

Talage offers online purchasing of workers’ compensation, liability, and property insurance for small businesses in all 50 states through carrier partners including Acuity, Coterie Insurance, Hiscox, Liberty Mutual, and Travelers.

Topics InsurTech Tech