Safely, the leader in short-term home rental protection, secures $12 million in investments, led by LAGO Innovation Fund.
ATLANTA, Oct. 18, 2022 /PRNewswire-PRWeb/ -- Led by LAGO Innovation Fund, the investment supports accelerated go-to-market effort
Safely, the leader in short-term home rental protection, has raised $12 million of venture investment and debt to accelerate the market penetration of its innovative insurance and guest screening platform. LAGO Innovation Fund led the round with participation from Highgate Technology Ventures ("HTV"), Greenlight Re Innovations, and other existing investors.
With the rise of booking platforms such as Airbnb and Vrbo, the short-term home rental market has grown rapidly, and homeowners are using and monetizing their homes in new ways. However, concerns about the possibility of property damage and liability exposure have left many homeowners reluctant to allow internet strangers to enter their homes and sleep in their beds.
Safely addresses these friction points by screening each guest, 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.
"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," said Andrew Bate, Founder and CEO of Safely. He added, "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."
"Safely is making great progress and it is clear they are gaining momentum," said Raja Goel, Partner at HTV. "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.
Simon Burton, Chief Executive Officer at Greenlight Re, said, "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."
About Safely
Safely is the premier provider of short-term home rental protection. With rigorous guest screening and comprehensive short-term rental insurance embedded directly into the reservation, Safely helps homeowners and property managers grow revenue, reduce risk, and confidently provide a better guest experience. Based in Atlanta, Safely has protected over $100 billion in homeowner liability over 2 million nights since its inception. Learn more at https://safely.com/
About LAGO Innovation Fund
LAGO Innovation Fund supports the founders and investors of high-growth disruptive companies through bespoke, term loan-based credit facilities and equity co-investments. LAGO typically provides $3- $30MM of capital to fuel the growth of emerging leaders in diverse sectors such as software, tech-enabled services, eCommerce, food and beverage, gaming, health + wellness, online marketplaces, and need-based consumer products. LAGO structures its founder-friendly investments to provide incremental, longer-term investable capital to drive market penetration and ultimately the value of the enterprise. For more information, please visit https://lagoinnovation.com.
About HTV
HTV is a strategic value-added technology investment firm that makes venture and growth equity investments in the hospitality and travel industries. HTV was founded in 2016 after identifying the growing market opportunity in hospitality and travel technology and developing a differentiated model of venture capital predicated on leveraging the brands, businesses, and teams of Highgate Hotels, LP (together with its affiliates, "Highgate") to create value for its portfolio companies. With offices in New York, London, Dallas, and Miami Beach, HTV's investment portfolio benefits from its global network and proven playbook that leverages HTV's strategic support, operational expertise, and financial capital. HTV's alignment with entrepreneurs and operator-first mentality has facilitated investments in leading companies within the hospitality and travel sectors ranging from early-stage ventures to established companies seeking additional growth capital. To date, HTV has completed more than 15 technology investments and over 10 bolt-on acquisitions across North America, Europe, and Asia.
About Greenlight Capital Re, Ltd
Greenlight Re (http://www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd's platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. In 2018, the Company launched its Greenlight Re Innovations unit, which supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.
About LAGO Innovation Fund
LAGO Innovation Fund supports the founders and investors of high-growth disruptive companies through bespoke, term loan-based credit facilities and equity co-investments. LAGO typically provides $3- $30MM of capital to fuel the growth of emerging leaders in diverse sectors such as software, tech-enabled services, eCommerce, food and beverage, gaming, health + wellness, online marketplaces, and need-based consumer products. LAGO structures its founder-friendly investments to provide incremental, longer-term investable capital to drive market penetration and ultimately the value of the enterprise. For more information, please visit https://lagoinnovation.com.
For further information contact:
Lance Weatherby
Head of Marketing
Mobile: (404) 808-7219
[email protected]
SOURCE Safely
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