Kin, a US-based direct-to-consumer home insurance company, has raised $145m in debt financing to drive growth.
The new credit facility was led by Runway Growth Capital and the Avenue Venture Opportunities Fund.
Initially Kin has secured $100m in capital, and the remaining funds will be released in two tranches when the insurer achieves certain targets.
Kin will use the proceeds to support the expansion of its reciprocal exchange, Kin Interinsurance Network.
The insurer leverages a data-powered platform to assess risk profiles and price policies.
Kin CEO Sean Harper said: “We are 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 $120bn US home insurance market, while also providing us with an opportunity to grow aggressively with minimal dilution.”
Avenue senior portfolio manager Dan Holman said: “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.”
In March this year, Kin raised $82m in the first close of its Series D funding round, which was led by QED Investors. Last year, the home insurer bought an inactive insurance carrier with the licence to operate in 43 states across the US.