Safely, a provider in short-term home rental protection, has raised $12m to scale its insurance platform.
The round was led by LAGO Innovation Fund with participation from Highgate Technology Ventures, Greenlight Re Innovations and other existing investors.
With the rise of booking platforms such as Airbnb and Vrbo, Safely said the short term rental market has been growing rapidly. Homeowners are using and monetising their homes in new ways.
However, many homeowners are concerned about property damage and liability exposure. Safely aims to address this by screening each guest, thereby reducing the likelihood that the homeowner will incur a loss.
Safely also embeds commercial insurance protection directly into each reservation through its partnerships with the industry’s leading property management systems.
When a claim is made, the property manager can submit it in minutes on Safely’s platform, which pays nearly all claims within two business days. Safely has accumulated more than two million nights’ worth of data, building a robust view of risk factors within the short-term rental market and the broader sharing economy.
Andrew Bate, founder and CEO of Safely, said, “LAGO and HTV quickly understood the potential of Safely’s home rental protection, and we look forward to collaborating with them to make our program world-class.
“We are excited to work with Greenlight Re and their recently launched Lloyd’s syndicate as it will enable Safely to expand its product offerings worldwide.”
Raja Goel, partner at HTV, added, “Safely is making great progress and it is clear they are gaining momentum. Andrew and his team are building a remarkable company which is evident in the tremendous growth Safely has experienced over the last few years. We look forward to expanding our partnership with them as they continue to deliver innovative solutions in the short-term rental protection market.”
Guesty, a property management platform for the short-term rental and hospitality industry, recently raised $170m in a Series E funding round.
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