With just $52 million in equity funding, Kin quickly eclipses a key growth milestone
CHICAGO, IL – April 19, 2021 – Kin, the insurance technology company transforming home insurance through intuitive tech and affordable pricing, today announced that it surpassed $100 million in annual recurring premium after just 21 months as a carrier, a feat accomplished with only $52 million in equity funding.
On average, even the fastest growing tech companies require six years to scale from $1 million to $100 million in annual recurring revenue, according to the 2021 State of the Cloud report from Bessemer Venture Partners. Kin started its reciprocal exchange insurance carrier in July 2019, taking only a year and three quarters to reach this significant milestone – or about 70% faster than expected based on that benchmark.
Kin reached $25 million in annual recurring premium in March 2020, and grew to $100 million only a year later, quadrupling year-over-year.
Kin’s rapid rise is particularly noteworthy given that it’s the only direct-to-consumer, homeowners-focused insurance tech company. Homeowners insurance is still 93% sold through brick-and-mortar agencies.
“The world is changing fast: technology, consumer preferences, demographics, even the weather,” said Sean Harper, co-founder and CEO of Kin. “Our rapid growth shows how eager customers are for an insurance company built for the modern world, not the world as it was 100 years ago.”
With a technology-first approach to homeowners insurance, Kin has made coverage accessible and affordable even for homes at risk for extreme weather. Previously homeowners in regions most impacted by climate change had to rely on legacy providers with outdated risk models that dramatically increased rates or denied coverage altogether.
Kin is currently available in California, Florida, and Louisiana, which make up 21% of the home insurance market, and plans to expand nationally before the year’s end.
Kin is the home insurance company built for the future. By leveraging thousands of property data points, Kin customizes coverage and prices through a super simple user experience. Kin offers homeowners, condo, landlord, and mobile home insurance through the Kin Interinsurance Network (KIN), a reciprocal exchange owned by its customers who share in the underwriting profit. Because of its efficient technology and direct-to-consumer model, Kin provides exceptionally low prices without compromising coverage. To learn more, visit www.kin.com.
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