Steadily has built a reputation for making landlord insurance fast, easy, and affordable, which has resulted in rapid growth.
The latest round brings Steadily’s total funding to $31M, adding to the $3.8M round it announced one year earlier. The new investment was led by Matrix Partners and Zigg Capital with participation from Vesta Ventures and existing investors Peak State Ventures, Nine Four Ventures, and Next Coast Ventures.
“Steadily was created to offer landlords insurance that works like the other modern tools that they love,” says Steadily founder and President, Darren Nix. “As landlords ourselves, we understand the unique needs of rental property owners and real estate investors. That’s why we built the 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.”
Steadily has built an intuitive digital platform to let landlords get an insurance quote online in minutes, 24/7, from the palm of their hand in all 50 states. The meticulously designed mobile-first experience pre-fills many 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 result is a fast, affordable, and delightful experience that has earned Steadily 4.8 out of 5 star-rating and glowing recommendations from customers.
“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 Traditionally, insurance has a reputation for outdated processes and lacklustre service.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,” says Jake Jolis, Partner, Matrix Partners. “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.”
“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,” says Dave Eisenberg, Partner at Zigg Capital. “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.”
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. Steadily’s proven success has resulted in 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.
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. Steadily’s advanced data analytics will help claims get paid faster, reduce the magnitude of property damage claims and ultimately lower the cost of insurance to customers.