Hometime co-founders Billy Crock [left] and Dave Thompson [right] [Credit: Joseph Byford]

Hometime raises AU$10m in growth funding round

Australia: Sydney-based, short-term rental property management company and online marketplace, Hometime has raised AU$10 million in a growth funding round.

The round was led by growth equity firm Fifth Estate Asset Management, while the business has previously secured financing from the likes of NAB Ventures, ASI Growth Partners, Asia Principle Capital, former Packer media executive Martin Dalgleish, and OneVentures.

As a result, Dane Roberts, a former small caps portfolio manager at Regal Funds Management, and Upswell Ventures general partner Craig Burton, will join the Hometime board.

Speaking to STRz, Hometime co-founder Billy Crock said that the raise would allow the company to “professionalise the holiday rental industry, grow our brand across ANZ [Australia and New Zealand], and enter new markets by acquiring the best local operators”.

It is believed that the company is seeking to make acquisitions to consolidate the fragmented property management industry by targeting the smaller end of the market for “undervalued” opportunities. Hometime, which was founded in 2016, currently has around 2,000 properties under management across 35 tourism locations, including Cairns and Freycinet.

Speaking recently to Street Talk, Crock also said that Hometime is planning to go public, potentially via an initial public offering [IPO] within the next three to five years, although an exit via a trade sale could also be an option in the future. One of its major competitors in the Australian market, Alloggio, made a string of acquisitions after going public in November 2021, and was set to be bought by private equity firm Next Capital last year.

The recent fundraise takes Hometime’s total funding to date to more than $22 million, having previously secured $6.7 million in funding in November 2019 and $6 million just six months prior to that. At the time, the company completed the acquisition of Cairns-based Host My Home and bnbpal in Melbourne, before later purchasing Sydney-based Hey Tom in 2018.

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