Kin, a direct-to-consumer home insurance company, closed a $145 million committed credit facility. The new facility, which was led by Runway Growth Capital and the Avenue Venture Opportunities Fund, provides Kin with additional capital to support the expansion of the Kin Interinsurance Network, a reciprocal exchange.
Runway and Avenue were joined by Aquarian Investments, Group 1001, funds managed by Hudson Structured Capital Management and Skyline Capital on the facility, of which a total of $100 million was funded at close. The remaining funds will be available to Kin in two tranches as the company reaches certain agreed-upon milestones. Armentum Partners was the financial advisor to Kin for the debt transaction.
“We’re pleased to work with such thoughtful and steady growth partners like Runway and Avenue who understand our needs and want to help strengthen our position,” Sean Harper, CEO of Kin, said. “The upsized facility enables Kin to continue innovating and reshaping the $120 billion U.S. home insurance market, while also providing us with an opportunity to grow aggressively with minimal dilution.”
“Kin is transforming the critical market of home insurance,” said Brian Sapp, managing director at Runway, said. “We’re excited to provide the capital needed to enhance the company’s growth, to serve more homeowners in need of a new option for coverage.”
“We are pleased to partner with Kin on the new credit facility, which provides the company with additional capital to support the expansion of the Kin Interinsurance Network,” Dan Holman, senior portfolio manager at Avenue, said. “We believe their technology platform represents a significant advance in making home insurance more convenient and affordable, and we look forward to the company’s continued execution of its strategy.”