We’re excited to continue investing in Steadily by participating in its $30M Series C! The round was led by Two Sigma Ventures, the venture arm of the NYC-based hedge fund, and included existing investors Matrix Partners and Zigg Capital, among others. You can read more about their latest raise in the press release linked here. Steadily is a landlord insurance company that has quietly grown despite a rapidly changing global climate and a challenging macro environment. Its fast, efficient growth continues to support that a large, sustainable insurance startup can be built and support venture-scale returns—something that wasn’t so obvious a few years ago.
Steadily enjoyed the benefit of starting with a clean slate to build a unified technology platform to streamline everything from policy origination through claim management. That agile tech foundation combined with thoughtful go-to-market, product, and underwriting strategies have underpinned impressive performance and a continued favorable outlook.
Steadily leverages a balanced customer acquisition strategy across a mix of agent, direct, and platform partnership channels instead of relying solely on a host of agents or online leads. This diversified approach allows freedom to dynamically optimize sales and marketing spend based on real-time ROI. Coupled with an unwavering focus on product and customer experience for policyholders and agents, Steadily delivers fast, fair, and accurate quotes that have earned the trust of a broad range of property owners, including older landlords (age 65+) who have traditionally not been startup converts.
The company’s disciplined underwriting approach has resulted in low loss ratios relative to the industry average while maintaining positive cash flow. This strong performance combined with fast growth has caught the attention of an expanding universe of reinsurance partners. As partner demand increases amid limited supply, Steadily continues to capture favorable terms unlike what we’re observing across many other InsurTechs.
Steadily’s corporate strategy ties back to Founder and CEO Darren Nix’s vision for the company. He could’ve aggressively pursued growth when ‘growth-at-all-costs’ was in vogue, but he made the calculated decision to prioritize a healthy and sustainable balance between growth and profitability. That decision wasn’t obvious then, but it is now proving to be an advantageous approach that will continue to pay dividends in the future.
Steadily exemplifies Nine Four Ventures’ approach to early-stage investing, partnering with founders at the earliest stages—often pre-product and pre-revenue—before others take notice. We were fortunate to originally invest in Steadily’s Seed round in 2020 and continued to invest, even when it wasn’t popular to invest in startups with this model. This reflects our conviction in the founders we support and our commitment to invest even when our perspective goes against the tide.
Congratulations to the entire Steadily team from everyone at Nine Four Ventures!
Please reach out if you’re interested in working with or for them. We look forward to supporting Steadily over the coming years in building the pre-eminent P&C landlord insurance company.
Disclaimer: This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by Nine Four Ventures. All views expressed herein are the opinions of Nine Four Ventures employees and are not the views of our affiliates or investors.
