Kin closes $145 million committed credit facility

By Marisa Wong

Los Angeles, Oct. 28 – Kin Insurance announced the closing of a $145 million committed credit facility led by Runway Growth Capital LLC and Avenue Venture Opportunities Fund, LP.

Runway and Avenue were joined by Aquarian Investments, Group 1001, funds managed by Hudson Structured Capital Management and Skyline Capital on the facility, according to a press release.

A total of $100 million was funded at close. The remaining funds will be available in two tranches as the company reaches certain agreed-upon milestones.

Armentum Partners was the financial advisor to Kin for the debt transaction.

The new facility provides the company with additional capital to support the expansion of the Kin Interinsurance Network, a reciprocal exchange, according to the press release.

Kin is a Chicago-based direct-to-consumer home insurance company.

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