Kin, the direct-to-consumer InsurTech firm, has closed a $145m committed credit facility.
The new facility was led by Runway Growth Capital and the Avenue Venture Opportunities Fund. Additional capital was also provided to to support the expansion of the Kin Interinsurance Network, a reciprocal exchange.
Runway and Avenue were joined by Aquarian Investments, Group 1001 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.
Through thousands of property data points, Kin customises coverage and prices through a super simple user experience. Kin offers homeowners, landlord, condo, and mobile home insurance through the Kin Interinsurance Network.
Kin CEO Sean Harper said, “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.
“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.”
Fursure, a leading pet insurance marketplace and mobile banking platform for pet parents, recently raised $3m in a seed financing raise.
Established in 2020, Fursure offers a marketplace that makes it simpler to find and compare pet insurance policies. The company has helped over 60,000 pet parents get access to the care they need since its inception.
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