United States: Short-term rental insurance and guest verification platform, Safely, announced that it has raised $12 million in venture capital and debt investment to accelerate its market penetration in the States -United.
The round was led by growth company LAGO Innovation Fund, with participation from technology investment firm Highgate Technology Ventures, Greenlight Re Innovations and other existing investors.
As the short-term rental market has continued to grow in recent years, more landlords are looking to monetize their accommodation and become hosts, but concerns remain about the potential for property damage and exposure to responsibility, which makes them more reluctant to allow “internet strangers”. stay in their properties.
Safely claims to address these potential sticking points by screening each guest, reducing the likelihood of the owner incurring a loss. Safely also builds commercial insurance protection directly into every booking through its partnerships with leading property management systems in the industry.
Since launching in 2015, the Atlanta-based company says it has protected more than $100 billion in homeowners liability across two million nights, giving it a stronger view of risk factors in the homeowners market. short-term rental and in the wider sharing economy.
Andrew Bate, Founder and CEO of Safely, said, “LAGO and HTV quickly saw the potential of Safely’s home rental protection, and we look forward to working with them to make our program world-class. We are delighted to be working with Greenlight Re and their recently launched Lloyd’s Syndicate as this will allow Safely to expand its product offerings worldwide.
Raja Goel, Partner at HTV, said: “Safely is making great strides and it’s clear they’re gaining momentum. Andrew and his team are building a remarkable business which is reflected in the tremendous growth Safely has experienced over the past few years.
“We look forward to expanding our partnership with them as they continue to bring innovative solutions to the short-term rental protection market,” added Goel.
Greenlight Re CEO Simon Burton said: “The significant growth in the short-term rental market has occurred despite the lack of a suitable insurance product. Safely has the right product to meet this demand and has prioritized customer experience through its impressive platform.