Kin, an Insurtech that provides direct-to-consumer home insurance, has raised $145 million in debt capital, according to a statement from the firm. The funding was led by Runway Growth Capital and the Avenue Venture Opportunities Fund. Kin says the money will help it support the expansion of the Kin Interinsurance Network, a reciprocal exchange.
Aquarian Investments, Group 1001, funds managed by Hudson Structured Capital Management, and Skyline Capital also participated in the funding.
At the close, $100 million was available, with the remaining funds available to Kin in two tranches as the company reaches certain agreed-upon milestones.
Sean Harper, CEO of Kin, said they are pleased to work with Avenue and Runway, two firms that understand their needs.
“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 aims to slash administrative and agent-related costs to provide soncumsers with a direct experience via its platform that leverages technology to asses risk and price the policies.
Brian Sapp, Managing Director at Runway, said that Kin is transforming the home owners insurance industry.
“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.”
Dan Holman, Senior Portfolio Manager at Avenue, said they see Kin’s platform as representing a significant advance in making home insurance more convenient and affordable.
