InsurTech company Steadily has raised $3.8m in a new funding round led by Matrix Partners.
The company plans to use the money to expand its reach and to keep developing its platform, Built In reported.
On the back of the report, Steadily has emerged from stealth to offer landlords on a short-term basis similar to how Airbnb hosts do and on a long–term basis that can go well beyond six months.
Steadily is currently licensed across 45 states in the US.
The news comes on the back of the InsurTech funding doubling in the third quarter compared to the previous three months, according to FinTech Global’s research.
In the first quarter of 2020, the sector raised $900m. Then in the second it saw $1.2bn being injected into the industry. In the third quarter of 2020, that figure jumped to $2.4bn.
The increase can be interpreted as investors being more bullish after six months of the Covid-19 pandemic putting the breaks on investment.
The jump in funding between July and September was due to five major deals worth over $100m. Bright raised $500m as did Ki Insurance. Next picked up $250m, Waterdrop raised $230m and Hippo $150m.
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