[ad_1]
CHICAGO–(BUSINESS WIRE)–Kin, the direct-to-consumer home insurance company designed for every new standard, today announced the closing of a $145 million committed credit facility. The new facility, led by Runway Growth Capital LLC (“Runway”) and Avenue Venture Opportunities Fund, LP (“Avenue Venture Debt Fund” or “Avenue”), provides Kin with additional capital to support the expansion of 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, with a total of $100 million funded at closing. The remaining funds will be made available to Kin in two tranches when the company reaches certain agreed milestones. Armentum Partners was Kin’s financial advisor for the debt transaction.
“We are delighted to work with such thoughtful and consistent growth partners as Runway and Avenue who understand our needs and want to help us strengthen our position,” said Sean Harper, CEO of Kin. “The expanded facility allows Kin to continue to innovate and reshape the $120 billion US home insurance market, while providing us with the opportunity to grow aggressively with minimal dilution.”
Kin makes home insurance more convenient and affordable by reducing administrative and agent expenses. Clients enjoy a direct and frictionless experience when using Kin’s technology platform, which leverages thousands of data points to accurately assess in-home risk profiles and pricing policies. Kin’s platform also enables fast and efficient contact with customers and the handling of complaints following severe weather events such as Hurricane Ian in Florida.
“Kin is transforming the critical home insurance market,” said Brian Sapp, CEO of Runway. “We are excited to provide the capital needed to enhance the growth of the business, to serve more owners in need of a new coverage option.”
“We are delighted 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 step forward 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 offers fully digital home insurance with an elegant user experience, accurate pricing, and fast, high-quality claims service. Kin offers homeowners, landlords, condominiums and mobile homes insurance through the Kin Interinsurance Network (KIN), a reciprocal exchange owned by its customers who share underwriting profits. Due to its efficient technology and direct-to-consumer model, Kin offers 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 offer senior term loans of $10 million to $75 million to fast-growing companies based in the United States and Canada. For more information about 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 sciences companies. The Avenue Venture Debt Opportunities Fund typically focuses on companies in the underserved segment of the market created by the growing funding gap between commercial banks and larger debt funds. The Avenue Venture Debt Fund is part of Avenue Capital Group’s largest group of funds. For more information on Avenue Capital Group, which is a global investment firm with assets estimated at approximately $12.3 billion as of September 30, 2022, please visit www.avenuecapital.com.
[ad_2]
Source link
