Sydney rental management startup MadeComfy has raised $6 million in a funding round led by investment bank Investec, with participation from existing investors.
It follows the startup last June raising $1.1 million from investors including former managing director of LinkedIn Australia and New Zealand, Cliff Rosenberg and Amaysim cofounders Rolf Hansen and Peter O’Connell. The fresh funding will go towards the company’s expansion into new cities.
David Phillips, head of Investec Emerging Companies and the newest addition to the startup’s board, said Made Comfy was a “clear investment choice” for the bank.
“Our extensive research revealed it is a market leader in the Australian short-term rental management space. MadeComfy is led by an extremely strong team with an excellent track record and has exciting new developments in the pipeline.”
The startup was founded in 2015 by Quirin Schwaighofer and Sabrina Bethunin as a management service for bookings made through the likes of Airbnb, Stayz, and Booking.com, taking care of everything from professional photography, listing on various booking platforms, management of rates and occupancy, liaising with guests before and throughout their stay, managing bookings and check in, and arranging cleaning and linen services.
Schwaighofer said, “We are thrilled with this new investment from Investec. It shows confidence not only in our business model, but also the hard-working MadeComfy team who are committed to delivering customer excellence.
“Over the past two and a half years, MadeComfy has helped many property owners, guests and communities maximise the benefits of the short-term rental industry.”
The startup has grown to manage a $600 million portfolio of properties across Sydney and Melbourne, reporting it welcomes over 4,000 guests per month.
This growth has come through the startup expanding its focus beyond the online bookings space: it recently signed a property management partnership deal with a Raine & Horne real estate agency in Dee Why, and Belle Property agencies in Mosman and Neutral Bay.
With this in mind, Schwaighofer said the startup could look to raise a further $1 million from strategic investors as part of this round.
“We wanted to keep the investment opportunity open for selected parties from the real estate, travel, and hospitality space who could add immediate value to our growth plans,” he said.
This is the latest startup investment for Investec, which last year acquired a rumoured 10 percent stake in care hire startup Splend for $2.8 million. Providing vehicles to rideshare drivers, Splend also pairs customers with a coach to give them tips on how to succeed on rideshare platforms.
The bank also has a stake in fintech-focused accelerator H2 Ventures and equity crowdfunding platform Equitise.
Image: Quirin Schwaighofer and Sabrina Bethunin.