We’re delighted to announce our newest follow on investment in Steadily’s Series A, co-lead by Matrix Partners and Zigg Capital. Nine Four Ventures is thrilled to double down and continue supporting Darren, Datha, and the entire Steadily team on their mission to build the category defining landlord insurance company transforming how property owners protect their income generating assets. Here is a bit about the business, opportunity, and why we re-invested.
Nine Four Partner Paul La Londe has known Steadily CEO and Co-Founder Darren Nix since 2015. At the time, Paul was at SV Angel and Darren had just graduated from Y Combinator with his new startup Interviewed. SV Angel was lucky enough to invest and have a front row seat into the business’ evolution from an early-stage startup to a successful acquisition by Indeed. Darren is a special leader that is a lightning rod for talent, and inspires team members to rally around a mission. When we heard Darren was starting a new landlord insurance company, we knew immediately we wanted to be involved, especially given Darren’s unique experience advising insurance carriers on mitigating risk as a McKinsey consultant and acquiring users at Interviewed. As a result, we were incredibly fortunate to have had the opportunity to formally partner with Steadily in 2020.
Steadily is a digitally native, direct landlord insurance company that is benefitting from major market tailwinds (which we wrote about here). Darren realized these trends and leveraged his foresight to found Steadily and capitalize on customer acquisition and underwriting advantages relative to industry norms. Steadily’s integrated, tech-first approach requires fewer agents, resulting in lower overhead, more structured data, better underwriting, and fewer future claims and losses. More specifically, Steadily partners with online platforms to acquire new policyholders at scale, integrates with property management systems to better understand policyholder behavior, and subsidizes preventative maintenance and IoT to stay ahead of potential expenses. As a result, Steadily is well positioned to build the preeminent landlord insurance company.
Darren and the team’s progress over the past twelve months since the Seed round has been nothing short of impressive. They’ve hit every major milestone they set out to achieve including: 1) efficient customer acquisition with low CAC, 2) MGA reinsurance and 3) insurance carrier authorization. Although Steadily accomplished a lot in a short period of time, there’s still so much left to do. If the company’s rapid rate of innovation and progress is any indication of the future, we’re in for an exciting next few years. If you’re a property owner and interested in learning more, please reach out. And if you’re interested in helping build the future of landlord insurance, Steadily is hiring!
Congrats Darren, Datha, and the entire team at Steadily on this incredibly milestone!