Nine Four Insights

Why We Re-Invested in Steadily, pt.2

We’re thrilled and fortunate to announce our newest follow-on investment in Steadily’s $28.5M Series B. The round was led by Zigg Capital and attracted significant participation from a robust syndicate of strategic investors including Matrix Partners, Koch Ventures, and Clocktower Technology Ventures. Nine Four Ventures is excited to continue supporting Darren and the entire Steadily team on their mission to build a category-defining landlord insurance company.

Despite all of the broader market turmoil and InsurTech carnage of the last 18+ months, it’s been remarkable to watch Steadily operate with contrarian discipline. Since day one, underwriting rigor was engrained into Steadily’s DNA. Darren and the company have always focused on underwriting precision, loss ratios, and maintaining a healthy balance between growth and efficiency. This strategy bucked the trend of underperforming InsurTech peers and is a strategy that we believe will position Steadily on a path to grow at scale in a cash efficient way.

Building an insurance company in such a short period of time is no small feat. Getting properly licensed across states, signing partnerships with reinsurers, acquiring and underwriting the right policyholders, and keeping those customers, creates complex challenges that require unique insight, knowledge, and experience. Darren possesses all of those. We also appreciate that he’s been able to do what he said he was going to do. That’s incredibly rare in startup land because so many things can go wrong or throw things off track. We went back in our notes from when we originally invested in the Seed round, and where he is today is exactly where he predicted he’d be three years ago. His unique intuition combined with his ability to execute and accurately forecast gives us a lot of confidence in the continued trajectory of the business.

We believe Darren and the team’s progress over the past 18 months positions them well for large scale success going forward. Since their Series A, the company focused on and hit their ‘North Star’ metrics of: 1) efficient customer acquisition with low CAC, 2) maintaining a low loss ratio that outperforms incumbents, and 3) high growth. Although Steadily has accomplished a lot, they still have big ambitions and we can’t wait to see what they build over the next few years. If you’re a rental 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 and the entire team at Steadily on this incredible milestone!

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