Home insurance firm Kin lands $145m credit facility

• Runway and Avenue were joined by Aquarian Investments, Group 1001, funds managed by Hudson Structured Capital Management and Skyline Capital on the facility
• The financing will be used by Kin for expansion
• Armentum Partners was the financial advisor to Kin for the debt transaction

Home insurance firm Kin has secured a $145 million credit facility. Runway Growth Capital and the Avenue Venture Debt Fund led the facility.

The financing will be used by Kin for expansion.

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.

“Kin is transforming the critical market of home insurance,” said Brian Sapp, managing director at Runway, in a statement. “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.”

Led by industry veteran David Spreng, Runway Growth Capital provide senior term loans of $10 million to $75 million to fast-growing companies based in the United States and Canada.

The Avenue Venture Debt Fund seeks to provide creative financing solutions to high-growth, venture capital-backed technology and life science companies.