An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Kin Secures $145 Million in Debt Financing to Fuel Continued Growth
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Kin, a direct-to-consumer home insurance provider, has successfully closed a $145 million committed credit facility led by Runway Growth Capital and the Avenue Venture Opportunities Fund. The funding will support the expansion of the Kin Interinsurance Network, with $100 million available immediately. The remaining funds will be released as Kin meets specific milestones. CEO Sean Harper stated that this upsized facility allows Kin to innovate within the $120 billion U.S. home insurance market with minimal dilution, enhancing affordability and accessibility for customers.
Positive
Closed a $145 million credit facility, enhancing liquidity.
Immediate access to $100 million to support growth.
Ability to expand Kin Interinsurance Network to serve more homeowners.
Negative
None.
CHICAGO--(BUSINESS WIRE)--
Kin, the direct-to-consumer home insurance company built for every new normal, today announced the closing of a $145 million committed credit facility. The new facility, which was led by Runway Growth Capital LLC (“Runway”) and the Avenue Venture Opportunities Fund, L.P. ("Avenue Venture Debt Fund" or "Avenue"), 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,” said Sean Harper, CEO of Kin. “The upsized facility enables Kin to continue innovating and reshaping the $120 billionU.S. home insurance market, while also providing us with an opportunity to grow aggressively with minimal dilution.”
Kin is making home insurance more convenient and affordable by cutting out administrative and agent-related expenses. Customers receive a direct, frictionless experience when using Kin’s technology platform, which draws on thousands of data points to assess home risk profiles and price policies accurately. Kin’s platform also enables quick and efficient outreach to customers and claims processing in the wake of severe weather events like Hurricane Ian in Florida.
“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.”
About Kin
Kin is the home insurance company for every new normal. By leveraging proprietary technology, Kin delivers fully digital homeowners insurance with an elegant user experience, accurate pricing, and fast, high-quality claims service. Kin 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. Because of its efficient technology and direct-to-consumer model, Kin provides affordable pricing without compromising coverage. To learn more, visit www.kin.com.
About Runway Growth Capital
Runway Growth Capital LLC is the investment advisor to investment funds, including Runway Growth Finance Corp. (Nasdaq: RWAY), a business development company, and other private funds, which are lenders of growth capital to companies seeking an alternative to raising equity. Led by industry veteran David Spreng, these funds provide senior term loans of $10 million to $75 million to fast-growing companies based in the United States and Canada. For more information on Runway Growth Capital LLC and its platform, please visit our website at www.runwaygrowth.com.
About Avenue Venture Opportunities
The Avenue Venture Debt Fund seeks to provide creative financing solutions to high-growth, venture capital-backed technology and life science companies. The Avenue Venture Debt Opportunities Fund focuses generally on companies within the underserved segment of the market created by the widening financing gap between commercial banks and larger debt funds. The Avenue Venture Debt fund is part of the larger group of funds of Avenue Capital Group. For additional information on Avenue Capital Group, which is a global investment firm with assets estimated to be approximately $12.3 billion as of September 30, 2022, please visit www.avenuecapital.com.
