CHICAGO, IL – March 22, 2023 – Kin, the direct-to-consumer home insurance company built for every new normal®, today announced that it conducted a third close, an incremental $15 million, to its Series D round in Q4 2022. The investment came from Geodesic Capital, QED Investors, and additional investors, bringing the total Series D funds raised to $109 million.
Since the first close of its Series D round in March 2022, Kin has continued its systematic, capital efficient growth, more than doubling its gross written premium while making gains in operational efficiency and driving toward profitability. The additional funding, which was provided using the same terms and valuation as the initial investment, strengthens Kin’s liquidity position and provides the company with the capital needed to significantly expand its offerings and market share moving forward.
“Despite the tough market for high-growth companies right now, we’ve increased revenue 2.2x, improved each of our major operating metrics, and kept the same valuation. These are good outcomes, especially when other startups are accepting punishing terms or a valuation hit,” said Sean Harper, CEO of Kin. “We've been able to achieve these outcomes because the business has performed really well and we didn’t raise capital at the hype-driven multiples that many technology companies did in 2021.”
Kin’s achievement of scalable unit economics while preserving consistent customer retention is what separates the company from its competitors. Kin’s premium renewal rate was 112% in 2022, and its cumulative customer lifetime value to customer acquisition cost ratio is 9.6x.
“Homeowners insurance distribution is an acyclical market and Kin’s unit economics, which have always been good, have only continued to improve,” said Jon Rezneck, partner and head of the investment team at Geodesic Capital. “We were pleased for the opportunity to continue to support Kin by putting additional capital to work, further powering their mission to simplify and personalize home insurance.”
Kin is the only pure-play, direct-to-consumer digital insurer focused on the growing homeowners insurance market. Kin makes homeowners insurance more convenient and affordable by eliminating the need for external agents. Kin’s technology platform delivers a seamless user experience, customized options for coverage, and fast, high-quality claims service. Behind the scenes, Kin utilizes thousands of data points about each property to provide accurate pricing and produce better underwriting results. Kin is a fully licensed carrier that offers coverage through its reciprocal exchanges which are owned by its customers. To learn more, visit www.kin.com.