One of Chicago's most successful fundraisers in recent years has reached unicorn status.
Chicago startup Kin Insurance has raised $33 million in Series D extension funding, Axios reported on Wednesday, bringing its valuation to more than $1 billion.
The funding was led by QED Investors with participation from returning investors Geodesic Capital, Allegis Capital, Hudson Structured Capital Management Ltd. and Alpha Edison. The new funding brings the insurtech's total funding to date to approximately $265 million.
The direct-to-consumer home-insurance business joins an exclusive list of approximately 37 unicorns throughout Chicago as of the third quarter of 2023, Dealroom reports, amid a 90% drop in new unicorn creation globally from Q4 2021 to Q1 2023.
Thirty North American startups raised funding at a $1 billion-plus valuation in the first half of 2023.
Kin Insurance 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.
Higher interest rates and lower tech stock valuations have also led to the most sluggish IPO environment in more than a decade, according to PitchBook.
