Atlanta-based company Safely has secured $8 million in funding to expand its vacation rental insurance and safety tools services. The funding round is led by Highgate Technology Ventures with participation from LAGO Innovation Fund.
Who is Safely?
Founded in 2013, Safely is an Atlanta-based company that specializes in providing insurance and safety tools for vacation rental homeowners and property managers. The company’s mission is to protect homeowners who rent their properties on popular platforms like Airbnb, Vrbo, and Booking.com. Safely offers a range of services, including insurance policies that cover personal injury and damage to property contents and structures. Additionally, the company provides guest screening services, which involve checking government records, criminal databases, and other watchlists to ensure the safety of vacation rental properties.
The Funding Round
Safely has successfully raised $8 million in its latest funding round, with Highgate Technology Ventures leading the investment. LAGO Innovation Fund also participated in the funding round. The company’s ability to secure this significant investment reflects its promising growth potential and the value it provides to the vacation rental industry.
What Sets Safely Apart?
Safely stands out in the vacation rental insurance and safety tools sector due to its comprehensive approach. The company’s solutions are designed to address the unique challenges faced by vacation rental homeowners and property managers. Here are some key factors that set Safely apart:
- Insurance Coverage: Safely’s insurance policies offer protection for rental properties, covering personal injury and damage to property contents and structures. This coverage provides peace of mind to homeowners who rent their properties to travelers.
- Guest Screening: The company conducts thorough guest screening by checking government records, criminal databases, and watchlists. This screening process helps ensure the safety and security of vacation rental properties.
- Integration with Property Management Systems: Safely has established connections with over 30 property management systems. This integration streamlines the process of combining insurance and guest screening with property management, making it more efficient for homeowners and property managers.
Safely’s Growth and Global Expansion
Safely’s founder and CEO, Andrew Bate, emphasized the company’s commitment to protecting homeowners in the vacation rental market. He highlighted that Safely built its insure-tech infrastructure before the COVID-19 pandemic and was well-positioned to capitalize on the rapid growth in the short-term home rental market. The company’s recent efforts include building its own insurance platform as a Lloyd’s of London Coverholder, providing access to over 80 countries and a network of underwriters.
Andrew Bate also shared that Safely processes all of its insurance claims in-house and aims to pay 90% of claims within three business days, demonstrating its dedication to providing efficient and reliable services to its customers.
Safely is now focused on its growth strategy, which includes expanding its presence in Europe. The company sees itself as a category-defining organization that offers essential solutions to vacation rental homeowners and operators.
Partnering for Growth
Raja Goel, Principal at Highgate Technology Ventures, expressed enthusiasm about partnering with Safely. He described Safely as a category-defining company that provides a vital solution to vacation rental homeowners and operators. Goel highlighted Safely’s track record of serving a diverse range of clients and its ability to enhance the efficiency and profitability of its partners.
Funding History and Market Impact
Since its inception, Safely has raised approximately $16 million in funding and an additional $4.5 million in venture debt. The company’s innovative approach to vacation rental insurance and safety tools has resulted in it insuring more than four million nights, demonstrating its significant impact on the market.
In summary, Safely’s recent $8 million funding round led by Highgate Technology Ventures positions the company for further expansion and growth. With a strong focus on protecting vacation rental homeowners and operators, Safely is poised to make a lasting impact on the vacation rental industry, both in the United States and internationally.
TL;DR
Atlanta-based company Safely has secured $8 million in funding, led by Highgate Technology Ventures, to expand its vacation rental insurance and safety tools services. Safely offers insurance coverage and guest screening services for vacation rental properties. The company aims to protect homeowners who rent their properties on platforms like Airbnb and Vrbo. With connections to over 30 property management systems, Safely streamlines insurance and guest screening integration. The funding will support Safely’s growth and expansion into the European market. The company has raised a total of approximately $16 million in funding and $4.5 million in venture debt, insuring more than four million nights.
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