Steadily is a startup company that provides an affordable online insurance option for renters. The company also includes comprehensive landlord insurance to those with rental properties. Steadily just announced the close of a new funding round to help scale up its business to meet new customer demand.
What Makes Steadily Unique and Growing Business
Startup company Steadily uses its website to create a faster, more accessible way to offer insurance. To sign up for the service, landlords simply have to describe the type of rental property they own and answer a set of basic questions about their building to receive a quote. Next, landlords may communicate with Steadily representatives or over text messages to finalize their coverage details. The final step is to e-sign the policy directly from a mobile phone.
The ease of use allows users of the startup company to receive coverage within one day. This makes it easier to immediately begin renovating or renting a newly purchased property without fear of out-of-pocket costs. Like traditional insurance, Steadily covers a number of major risks to a rental property, such as natural disasters, fire and water damage, legal liability and lawsuits, vandalism, theft, and tenant injuries.
What makes Steadily unique in comparison to a traditional insurance company is its focus on technology. By using data analytics, the startup company reports that it can get claims paid faster, reduce the size of property damage claims, and lower the overall cost of rental insurance for landlords.
The startup company has seen its business grow over time as demand for rental property insurance rises. Steadily is now available in all 50 states and is accepted by all major lenders like Chase, JP Morgan, and Rocket Mortgage. Currently, the startup company has operating offices in Austin, Texas, and Overland Park, Kansas.
Steadily Funding Round and Future Plans for Growth
In its latest business funding round, Steadily raised $27.2 million in capital. The funding round was led by Matrix Partners and Zigg Capital with participation from Next Coast Ventures, Vesta Ventures, Peak State Ventures, and Nine Four Ventures. The startup company has now raised a total of $31 million.
Steadily plans to use the new funding to rapidly scale up its business by hiring new employees. The startup company also plans to invest in its insurance data analytics to improve the customer experience and reduce overall costs. With an estimated 20 million rental properties in the United States (US) alone, there is significant room for Steadily to continue to grow its business in the near future.
When commenting on the latest funding round, Founder and President of Steadily, 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 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.”
Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.