ASIA Pacific property management partner for Airbnb, Hometime, has raised a further $6.7 million on top of a recent $6 million equity raising, and has completed acquisitions of Host My Home in Cairns and bnbpal in Melbourne.
Co-founder and chief operating officer of Hometime, William Crock said brings the total amount raised this year signals appetite from institutional investors towards the booming alternative accommodation sector.
The round includes NAB Ventures and AS1 Growth Partners. A strategic alignment with NAB and Hometime businesses could see NAB’s retail customers access Hometime’s services to build alternative income streams for their investment properties.
Crock said 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.”