Atlanta-based
Safely
has raised $12 million in venture
investment and debt to accelerate growth of its insurance and guest screening solutions for short-term rentals.
The round was led by LAGO Innovation Fund, with
participation from Highgate Technology Ventures, Greenlight Re Innovations and
other existing investors.
Founded in 2013, Safely provides insurance for individual
homeowners and professional property managers. Safely integrates with several
property management systems so property and liability coverage is embedded in
the reservation.
Safely also runs background checks on guests – using
the guest’s name, date of birth and address – and assigns a “risk score” to
help homeowners and property managers determine which reservations to confirm.
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The company says it has accumulated more than two million
nights' worth of data, building a broad view of risk factors within the
short-term rental market and the broader sharing economy.
“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,” says Andrew Bate, founder and CEO of Safely.
Says Simon Burton, CEO at Greenlight Re: "The
significant growth of the short-term rental market has occurred despite the
absence of a suitable insurance product. Safely has the right product to
respond to this demand and has prioritized customer experience through their
impressive platform.”
Platforms
such as
Airbnb
and
Vrbo
provide insurance for hosts but, according to Safely’s website, the
coverage they offer is not comprehensive so Safely’s.