Rental insurtech Steadily secures $30 million in Series C

By Isha Marathe

April 23 - (The Insurer) - Texas-based rental insurtech Steadily has secured $30 million in a Series C led by Two Sigma Ventures, at a valuation of $355 million.

The latest round brings Steadily's total funding to $89.5 million.

In July 2023, Steadily raised $28.5 million in a Series B funding round led by Zigg Capital, with participation from Matrix Partners, Koch Ventures, Clocktower Technology Ventures and Nine Four Ventures, bringing its total funding to $59.5 million.

The new investment was led by Two Sigma Ventures with participation from Clocktower Technology Ventures, Belfer Investment Partners, Nine Four Ventures, and Matrix Partners.

"The idea for Steadily was planted eight years ago when I had a comically difficult time getting insurance for my first rental property," said Darren Nix, Co-Founder and CEO of Steadily.

"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."

Steadily's key growth engine is 'proptech' or property technology integrations. It has integrated over 400 companies, including Roofstock, TurboTenant, FurnishedFinder, and BiggerPockets, thereby ingesting property data to offer users cost estimates.

Steadily's platform includes Steadily Insurance Company, a Demotech A-rated insurance carrier, five MGA programs, and a large insurance agency. It serves policyholders in all 50 states.

When Steadily announced its carrier's rating in November 2024, the company said it had planned to expand across the U.S. throughout 2025.

"Now is the right time to become a risk-bearing entity because we've reached a $200mn [gross written premium] run rate with four consecutive years of profitable risk underwriting. Nothing says ‘we believe in the product we've built' more strongly than underwriting risk as the carrier," Nix said at the time.