US: Landlord insurance company Steadily has announced that it has raised $27.8 million in a Series A funding round.
The round was led by private equity firm Matrix Partners and venture capital firm Zigg Capital, with participation from Vesta Ventures and existing investors Peak State Ventures, Nine Four Ventures and Next Coast Ventures. After closing a $3.8 million seed funding round last November, the latest investment takes Steadily’s total funding to date to $31.6 million.
Steadily serves 17 million individual rental property owners who collectively own the large majority of single family and small apartment rentals across the United States. Its mission is to make landlord insurance fast, easy, and affordable, which has resulted in rapid growth.
Steadily founder and president, Darren Nix, said: “Steadily was created to offer landlords insurance that works like the other modern tools that they love. As landlords ourselves, we understand the unique needs of rental property owners and real estate investors.
“That’s why we built digital self-serve and deliver an exceptional customer experience at every touch-point. Customers love what we’ve built and our growth has validated that the market demand is huge.
“The additional investment will let Steadily scale quickly to meet growing consumer demand,” he added.
Steadily says that it has built an intuitive digital platform to enable landlords to get an insurance quote online in minutes, 24/7, from the palm of their hand in all 50 US states. The company’s mobile-first experience fills out a number of data points, such as property size and year of construction, while a team of specialised sales agents are available nationwide to answer specific coverage questions or assist via phone, email or SMS.
Coverage options are personalised to customer needs, with insurance options for all property types – from single family rentals, to fix and flips, short-term rentals and more.
Jake Jolis, partner, Matrix Partners, said: “We look for companies that have the potential to dramatically improve the existing industry and provide an exceptional experience for customers. Traditionally, insurance has a reputation for outdated processes and lacklustre service.
“Steadily has proven itself as a leader in the space by pairing exceptional tech with a customer-centric approach. The team is constantly iterating to best itself, while fulfilling an unmet need in the market.
“Steadily is challenging and changing the insurance landscape for rental property owners,” he added.
Dave Eisenberg, partner at Zigg Capital, said: “We are seeing the widespread technological disruption of traditional industries, from banking, to insurance, hospitality and beyond. When it comes to real estate, however, the category has been slower to evolve.
“Modern consumers are demanding better user experiences and Steadily delivers here with an intuitive and thoughtfully designed insurance offering. With multiple smart integrations, Steadily enables landlords to thrive in today’s emerging digital real estate ecosystem,” he added.
Dual headquartered in Austin, Texas, and Overland Park, Kansas, Steadily began operations as a retail agency, working with carriers and wholesalers nationwide to offer customers the best possible rate and coverages for their rental properties. Its track record has so far resulted in increased binding authority with existing carriers and expanded operations to include program administrator capabilities, resulting in a faster digital rate, quote, bind experience and more competitive value for the end consumer.
Next, Steadily is planning to expand its mobile-first experience with new technology such as embedded IoT devices to prevent property damage from happening in the first place. Such applications will help the company to reduce the volume and severity of future claims, as well as provide peace of mind to landlords.