VCI Feature Articles
May 19, 2025
Venture Capital News. Illuminated.
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VCI QuickBytes
VC transaction news in brief.
Steadily Secures $30 Million in Series C Funding to Enhance Landlord Insurance Services
April 23, 2025|
Steadily, a U.S.-based provider of landlord insurance, announced a $30 million Series C funding round led by Two Sigma Ventures, valuing the company at $355 million. The funding round also saw participation from Clocktower Technology Ventures, Belfer Investment Partners, Nine Four Ventures, and Matrix Partners. This latest investment brings Steadily's total funding to $89.5 million since its inception in 2020. The company has shown significant growth with over $250 million in annualized gross written premium, serving 18 million individual rental property owners across the United States.
According to Darren Nix, Co-Founder and CEO of Steadily, the company's rapid development and technological investments have significantly streamlined the insurance process for landlords. The funding will further enhance their service capabilities and claims processing speed. Colin Beirne of Two Sigma Ventures highlighted Steadily's targeted solution for rental property owners, emphasizing the company's understanding and addressing of specific market needs through advanced technology and integrations with over 400 companies.
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RightRev Secures $13 Million in Series A Funding to Enhance Revenue Management Solutions
RightRev, a company specializing in automated revenue management, has successfully closed a $13 million Series A funding round. This recent financial injection, co-led by Cheyenne Ventures and Innovius Capital, also saw participation from existing investors such as Norwest Venture Partners, Salesforce Ventures, and Snowflake Ventures. The total funding for RightRev now exceeds $31 million, reflecting strong investor confidence in its business model and market potential.
The funds will be utilized to accelerate product innovation, expand market reach, and enhance the partner ecosystem. RightRev aims to address the increasing complexity in revenue management driven by new AI-enabled business models. According to CEO Jagan Reddy, this capital will help the company double down on its mission to provide precise and intelligent solutions to revenue teams globally. The investment aligns with the company’s strategy to evolve as a core system for revenue management in AI-powered enterprises.
ChurchSpace Secures $1.2 Million in Seed Funding to Expand Community Space Initiatives
ChurchSpace, a company specializing in repurposing church properties for community use, has successfully raised $1.2 million in an oversubscribed seed funding round. The round was led by Black Ops Ventures, with contributions from Dug Song of Minor Capital and Michigan Rise. The funds will support the company’s relocation of its headquarters from Houston, Texas, to Detroit, Michigan, a move aimed at leveraging Detroit’s rich spiritual and entrepreneurial heritage to further its mission.
The funding will also help ChurchSpace in its new partnership with the City of Detroit to transform church campuses into versatile spaces for events, business hubs, and logistics centers. This initiative is expected to generate significant economic benefits, including job creation and community development. Co-CEO Emmanuel Brown emphasized the funding as a milestone that merges strategy with faith, aiming to lead community transformation through the innovative use of church spaces.
Atlas Data Storage Secures $155 Million in Seed Funding to Develop DNA-Based Data Storage Solutions
Atlas Data Storage, Inc., a South San Francisco-based tech company, has announced the closure of a substantial $155 million seed funding round. The investment will support the company’s efforts to develop and commercialize DNA-based data storage technology. This round of funding attracted contributions from several prominent investors, including ARCH Venture Partners, Deerfield Management, Bezos Expeditions, Tao Capital Partners, Rsquared VC, Earth Foundry, and In-Q-Tel. Additionally, Atlas has completed the acquisition of DNA data storage assets from Twist Bioscience, positioning it to leverage synthetic DNA’s unique properties for data storage solutions.
The company’s leadership includes industry veterans such as CEO Varun Mehta, CTO Bill Banyai, and Executive Chairman George Kadifa, who bring extensive experience from the data storage and technology sectors. Atlas aims to meet the growing demands for data storage driven by advancements in AI, offering solutions characterized by high density, security, and sustainability. According to CEO Varun Mehta, the technology promises to transform data storage by utilizing DNA’s capacity for scalability and permanence, potentially reshaping the industry’s future.
HubSync Secures Over $100 Million in Series C Funding Led by Thoma Bravo
HubSync, a prominent tax and accounting software provider, has raised over $100 million in a Series C funding round led by software investment firm Thoma Bravo. This investment aims to accelerate HubSync’s product development and customer service enhancements, supporting its ongoing growth and innovation in the tax and accounting sector. HubSync, founded in 2019, has notably achieved a 744% revenue increase from 2020 to 2024 and serves a significant portion of top U.S. CPA firms.
John McGowan, CEO of HubSync, highlighted the investment as pivotal for expanding the company’s industry reach and enhancing client value. Thoma Bravo’s Ross Devor and Dillon Biddiscombe praised HubSync’s market leadership and rapid growth, expressing confidence in the platform’s potential to transform tax and accounting practices through improved efficiencies and customer experiences. The funding is expected to further solidify HubSync’s position in the market and expand its customer base.
SETWorks Secures Strategic Investment from Polaris Growth Fund
SETWorks, a provider of software solutions for disability service agencies, has received a strategic growth investment from Polaris Growth Fund (PGF). The Kansas City-based company, established in the early 2000s, specializes in software that supports the operational and compliance needs of human services providers. This investment aims to accelerate SETWorks’ product development and expand its impact within the disability services sector.
Henri McCracken and David Lindell, co-chief executives of SETWorks, emphasized the investment will enhance their platform’s capabilities, particularly in artificial intelligence, to better serve their clients and the communities they impact. Both executives will continue in their leadership roles and join the company’s board of directors, alongside PGF representatives Bryce Youngren and Jeff Del Presto. Youngren praised SETWorks for its innovative approach to addressing the needs of resource-constrained agencies across the nation.
Smith Point Capital Management Closes Seed Funding Round at Over $360 Million
Smith Point Capital Management, LLC, a venture capital firm, has successfully closed its inaugural fund, Smith Point Capital Fund I, L.P., with over $360 million, surpassing its initial target of $300 million. The fund, which focuses on enterprise software investments, has already made significant strides by investing $145 million across six portfolio companies. This achievement underscores the firm’s robust market demand and validates its operator-led investment strategy, which has attracted a diverse group of investors including institutional investors, foundations, and family offices.
Keith Block, Founder & CEO of Smith Point Capital, emphasized the firm’s unique approach, stating that their strategy goes beyond mere capital provision by offering ‘navigational tools’ for sustainable growth through their experienced team. The firm’s distinct model combines operational expertise from industry leaders with seasoned investment professionals, aiming to deliver substantial value to both investors and entrepreneurs. With this substantial seed funding, Smith Point Capital is well-positioned to expand its influence in the enterprise software sector and support the development of technologies that reshape business operations and customer experiences.