Kin, a direct-to-consumer home insurance company has announced that it has conducted a third close, an incremental $15 million, to its Series D round in the fourth quarter of 2022.
The company confirmed that 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, which saw the insurer raise $82 million, Kin has continued its systematic, capital efficient growth, more than doubling its GWP while also making gains in operational efficiency and driving toward profitability.
With this additional funding – which was provided using the same terms and valuation as the initial investment – it will play a major considerable role in strengthening Kin’s liquidity position and providing the company with the capital needed to significantly expand its offerings and market share moving forward.
Sean Harper, CEO of Kin, commented: “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.
“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.”
Jon Rezneck, partner and head of the investment team at Geodesic Capital, added: “Homeowners insurance distribution is an acyclical market and Kin’s unit economics, which have always been good, have only continued to improve. 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.”
In their FY22 results, Kin reported a 117% rise in GWP, as well as 130% growth in gross profit.
