One of Chicago's newest unicorns has been named the fastest-growing private business in Chicago, according to the latest Inc. 5000.
Chicago-based Kin Insurance reported over 7,000% revenue growth from 2020 to 2023, good for No. 37 nationwide.
Kin was one of 232 local companies to make the entrepreneurial-focused rankings, published Aug. 13.
The 2024 Inc. 5000 is ranked according to percentage revenue growth from 2020 to 2023. To be eligible, companies had to have at least $100,000 in revenue in 2020 and at least $2 million in revenue in 2023.
Named to the Inno Fire Awards earlier this summer, Kin Insurance, a direct-to-consumer home-insurance business, received $15 million in new financing to begin the year, bringing its Series D round, which first closed in March 2022, up to $109 million.
Kin CEO Sean Harper said in a conversation with Chicago Inno when the new funding was first announced that the company raised at the same terms and valuation he got in early 2022 due to the company’s strong performance.
There were six Chicagoland-based companies that made the Top 100 on the Inc. 5000 this year, all of which have seen over 3,400% growth in the past three years.
Median three-year growth for all 232 Chicago metro companies on the list was 194%.
Companies that have been featured in previous iterations of the list include Intuit, Microsoft, GoPro, Patagonia, Oracle and Grubhub.
Other tidbits from the latest Inc. 5000: Of the 10 fastest-growing companies in Chicago, nine of them came from different industries, further showcasing the diversity within Chicago’s economy. And of the 232 Chicago-based companies featured, 17 were newly founded.
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