Australia: Sydney-based property management company Hometime has revealed it has raised $.6.7 million in addition to its recent $6 million funding round from May earlier this year.
The company is also Airbnb’s leading property management partner in the APAC region. NAB Ventures participated in the round, and was backed by National Australia Bank.
As well as the news about the funding round, Hometime has completed the acquisition of Host My Home in Cairns and bnbpal in Melbourne.
National Australia Bank and Hometime have struck a strategic partnership which could see the former’s retail customers access the latter’s services to generate further revenue for their investment properties from alternative streams.
Speaking to Property Observer Australia, co-founder and COO, William Crock, said his firm will put the funds toward accelerating growth through acquisition and market expansion on a domestic and international scale.
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 per cent. 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.
“Hometime now supports home owners in nine cities across Australia and New Zealand with many more on the horizon,” he added.
For more information, visit the Hometime website here.