Chicago's newest unicorn announced a new investor this week.
Kin Insurance received $15 million in financing from Activate Capital that will be used to further accelerate the startup's growth.
Activate is a growth-stage venture capital firm that typically invests in companies with disruptive platforms, focusing on sustainability and resiliency with portfolio companies that are accelerating decarbonization.
Kin Insurance, a direct-to-consumer home-insurance business, wants to make getting homeowners insurance easier by eliminating the need for external agents. The company said it increased its revenue by more than 50% year-over-year and maintained positive net income in 2023.
CEO Sean Harper said that the company ended 2023 with approximately $85 million in cash, adding that a strong balance sheet, in this environment, is "particularly beneficial."
Kin now operates in eight states and serves approximately 115,000 policyholders.
Kin Insurance raised a $142 million later-stage Series D in 2023 at a $1 billion post-value valuation. It was one of a handful of Chicago startups to raise a triple-digit funding round in the past year.
Founded in 2016, Kin Insurance canceled its plans to go public in early 2022, citing unfavorable market conditions, and went on raise a $109 million Series D that first closed in March 2022.
