Chicago- In the fourth quarter of 2022, Kin, the direct-to-consumer home insurance provider made for every new normal®, announced that it had completed a third close of its Series D round, raising an additional USD 15 million. The money was contributed by Geodesic Capital, QED Investors, and other investors, bringing the total amount raised for Series D to USD 109 million.”
Kin has continued its systematic, capital-efficient expansion since the initial closing of its Series D round in March 2022, more than tripling its gross written premium while improving operating efficiency and moving toward profitability. The fresh funding improves Kin’s financial situation and gives the business the money it needs to increase its products and market share considerably in the future under the same conditions and value as the first investment.
We have improved each of our key operational indicators, increased sales by 2.2x, and maintained the same value although the challenging environment high-growth firms are now facing. These are positive results, especially when competing businesses accept harsh conditions or a price drop, according to Sean Harper, CEO of Kin. “The business has fared incredibly well, and we weren’t able to raise financing at the hype-driven multiples that many technological firms did in 2021,” the statement continues.
What sets Kin apart from its rivals is the achievement of scalable unit economics while maintaining continuous client retention. The ratio of Kin’s cumulative client lifetime value to customer acquisition cost is 9.6x, and its premium renewal rate in 2022 was 112%.
The distribution of homeowners insurance is an acyclical industry, and Kin’s unit economics, which has always been strong, has only improved, according to Jon Resnick, partner and head of Geodesic Capital’s investment team. We were happy to have the chance to help Kin with their objective to customize and simplify home insurance by providing them with more funding.
The only pure-play, direct-to-consumer online insurance provider with a focus on the expanding home insurance industry is Kin. By doing away with the requirement for outside brokers, Kin makes homes insurance more accessible and more reasonably priced. The digital platform used by Kin offers a smooth user experience, tailored coverage options, and quick, effective claims handling. Kin uses hundreds of data points about each property to provide improved underwriting outcomes and precise pricing behind the scenes. Kin is a fully authorized carrier that protects its customer-owned reciprocal exchanges.
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