Kin, a Chicago, IL-based direct-to-consumer home insurance company, closed a $145m committed credit facility.
The new facility was led by Runway Growth Capital and the Avenue Venture Opportunities Fund, L.P., joined by Aquarian Investments, Group 1001, funds managed by Hudson Structured Capital Management, and Skyline Capital. A total of $100m was funded at close. The remaining funds will be available to Kin in two tranches as the company reaches certain agreed-upon milestones.
The financing provides the company with additional capital to support the expansion of its Interinsurance Network, a reciprocal exchange.
Led by Sean Harper, CEO, Kin leverages proprietary technology to deliver digital homeowners insurance. The company offers homeowners, landlord, condo, and mobile home insurance through the Kin Interinsurance Network (KIN), a reciprocal exchange owned by its customers who share in the underwriting profit.
FinSMEs
29/10/2022