Hometime, Airbnb’s leading property management partner in the APAC region, has raised a further $6.7 million on top of a recent $6 million equity and venture debt funding round completed in May 2019. This brings the total amount raised to more than $12 million this year and signals appetite from institutional investors towards the booming alternative accommodation sector. The round includes NAB Ventures, backed by one of Australia’s largest banks, and AS1 Capital who will both provide significant strategic value to the Hometime business.
In addition to the funding announcement, Hometime has completed two more acquisitions in the most recent quarter – Host My Home in Cairns and bnbpal in Melbourne, to further consolidate the Australian STR ecosystem.
Why has Hometime attracted this funding?
NAB Ventures and AS1 Capital said Hometime’s rapid expansion combined with its scalable business model in a high growth sector attracted them to the company.
Further, a strategic alignment between National Australia Bank and Hometime businesses could see NAB’s retail customers access Hometime’s services to build alternative income streams for their investment properties.
Melissa Widner, General Partner, NAB Ventures, commented: “As one of Australia’s largest lenders, we’re excited to establish this relationship with Hometime and look forward to the opportunity to explore potential options to work more closely together. We’ve been impressed by the Hometime founders and their ability to execute on ambitious growth targets. The Hometime team has a unique operating model which has enabled the company to quickly scale their geographic service area while maintaining exceptional service in the rapidly evolving short term rental market.”
Co-Founder & COO of Hometime, William Crock, said Hometime will use the additional funds to rapidly accelerate growth through acquisition and market expansion – both in Australia and internationally.
“The global short stay property rental market will approach US$115 billion in 2019 compared to approximately US$40 billion in 2010 representing an average annualised growth of 13%. As the largest and fastest growing operator in Australia we plan to capitalise on these tailwinds and drive further growth over the coming years as the market matures and consolidates. International expansion into the APAC region and the US are also immediate priorities.”
“Hometime now supports home owners in nine cities across Australia and New Zealand with many more on the horizon. Our extensive technology platform, which removes the friction for hosts to manage their properties, dedicated customer support and close partnership with Airbnb have contributed to our rapid growth.”