Steadily, an InsurTech MGA focused on landlord insurance, has raised $27.2 million in new venture capital designed to help expand the reach of its digital platform.
Matrix Partners and Zigg Capital led the Texas-based startup’s Series A round, though Vesta Ventures and existing investors Peak State Ventures, Nine Four Ventures, and Next Coast Ventures also participated. With the new fundraise, Steadily has pulled in $31 million in total investment, including a $3.8 million round in 2020.
“Customers love what we’ve built and our growth has validated that the market demand is huge,” Steadily founder and President Darren Nix said in prepared remarks. “The additional investment will let Steadily scale quickly to meet growing consumer demand.”
Steadily said its “intuitive” digital platform lets landlords get an insurance quote online in minutes at any time of day in all 50 states via a mobile device. Specifically, it pre-fills data points like property size and year of construction. A team of specialized sales agents are available nationwide to answer specific coverage questions or assist via phone, email, or SMS. Coverage options are personalized to customer needs, with insurance options for all property types – from single family rentals, to fix and flips, to short-term rentals, and beyond. Customers can get coverage as early as the next day so they can close quickly on new purchases.
The company sees a broad potential market: 17 million individual rental property owners who collectively own the large majority of single family and small apartment rentals across the U.S.
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. It has subsequently pursued increased binding authority with existing carriers and expanded operations to include program administrator capabilities. This results in a faster digital rate, quote, bind experience and more competitive value for the end consumer, the company claims.
Next, the company plans to expand its mobile-first experience with new tech such as embedded IoT devices to prevent property damage from happening in the first place. These applications will help Steadily reduce the volume and severity of future claims as well as provide peace of mind to landlords. The company said its advanced data analytics will help claims get paid faster, reduce the magnitude of property damage claims and ultimately lower customers’ insurance costs.
Steadily maintains dual headquarters in Austin, Texas and Overland Park, KS. It is also one of 15 startups that recently joined InsurTech NY’s second accelerator program for growth-stage startups.