Kin upsizes its Series D round

Home insurance startup Kin Insurance announced that it conducted a third close, an incremental $15 million, to its Series D round in the fourth quarter of 2022. The investment came from Geodesic Capital, QED Investors, and additional investors, bringing the total Series D funds raised to $109 million.

The additional funding was provided using the same terms and valuation as the initial investment.

“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.” – Sean Harper, CEO of Kin.

“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.” – Jon Rezneck, partner and head of the investment team at Geodesic Capital.