Steadily secures $30 million Series C funding

US: US-based landlord insurance provider Steadily has raised $30 million in a Series C funding round led by Two Sigma Ventures, valuing the business at $355 million.

The investment brought Steadily’s total funding to $89.5 million, following its $28.5 million Series B round in 2023. Additional investors in the Series C round included Clocktower Technology Ventures, Belfer Investment Partners, Nine Four Ventures and Matrix Partners.

Founded in 2020, Steadily provides landlord insurance for real estate investors, targeting the 18 million individual rental property owners who control the majority of single-family rentals across the United States. The company has surpassed $250 million in annualised gross written premium and serves policyholders across all 50 states.

Darren Nix, co-founder and CEO of Steadily, said: “The idea for Steadily was planted eight years ago when I had a comically difficult time getting insurance for my first rental property. After Steadily launched, I became its first customer. That made it easy for us to empathise with our customers, because we are them. We’ve invested tens of millions in tech so someone can come to Steadily and purchase high-quality insurance in seconds. This latest round lets us push the envelope of how speedy our service and claims can be.”

One of Steadily’s fastest growth engines has been proptech integrations. The company has integrated more than 400 companies including Roofstock, TurboTenant, FurnishedFinder and BiggerPockets, automatically ingesting property data so users can estimate insurance costs with no manual input.

Colin Beirne, partner at Two Sigma Ventures, said: “Despite owning 40 per cent of America’s rental units, individual landlords have been dramatically underserved by the insurance industry. Steadily created a solution specifically designed for rental property owners, not just retrofitted homeowner policies. As landlords themselves, they understood the pain points firsthand and built technology that simplifies the entire process. Their impressive growth confirms they are addressing a significant need in the market. We’re thrilled to back Darren and the Steadily team as they continue to transform insurance for America’s millions of property investors.”

Steadily said it serves almost any landlord with a blend of options, including its own A-rated insurance carrier, Steadily Insurance Company, five MGA programmes and a large insurance agency.

Founded in 2020, the company serves all 50 states and supports individual property owners through a tech-driven platform and a range of tailored insurance products.

Key takeaways:

• Steadily raises $30 million Series C funding to expand its tech-driven landlord insurance platform across the US, reaching a $355 million valuation.

• With over $250 million in annualised gross written premium, Steadily strengthens its position as a landlord insurance provider for individual rental property owners.