Direct-to-consumer home insurance company Kin has announced the closing of a $145 million committed credit facility. The facility will provide Kin with additional capital to support the expansion of the Kin Interinsurance Network, a reciprocal exchange.
The facility was led by Runway Growth Capital and the Avenue Venture Opportunities Fund. They were joined by Aquarian Investments, Group 1001, funds managed by Hudson Structured Capital Management, and Skyline Capital. A total of $100 million was funded at close. The remaining funds will be available to Kin in two tranches as it reaches certain agreed-upon milestones.
“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,” said Sean Harper, CEO of Kin. “The upsized facility enables Kin to continue innovating and reshaping the $120 billion US home insurance market, while also providing us with an opportunity to grow aggressively with minimal dilution.”
Kin’s technology platform draws on thousands of data points to assess home risk profiles and price policies accurately, the company said. The platform also enables quick and efficient outreach to customers and claims processing in the aftermath of severe weather events.
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“Kin is transforming the critical market of home insurance,” said Brian Sapp, managing director at Runway. “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,” said Dan Holman, senior portfolio manager at Avenue. “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.”
