Airbnb management proptech MadeComfy beds down $10 million raise

Short-term rental management startup MadeComfy has raised $10 million in venture capital and debt as it looks to cover more cities across Australia.

Founded in Sydney in 2015, and Airbnb strategic partner, MadeComfy previously raised $1.1 million in 2017 and then $6 million in 2018 from Investec.

Commencer Capital acquired the $60 million Investec Emerging Companies Australia Fund, which backed MadeComfy, in 2021, and led the latest round, supported by MC Fiduciary, BridgeLane Capital, and several private investors, including ex-Amaysim CEO Rolf Hansen and former REA Group CFO Georg Chmiel. The raise was a combination of venture funding and venture debt.

Hansen is joining MadeComfy’s board. The business has also appointed Vacasa Europe cofounder and HomeAway director Simon Lehmann as its chairman.

Commencer Capital managing director and Chief Investment Officer David Phillips said they’d have worked very closely with cofounders Quirin Schwaighofer and Sabrina Bethunin dating back to the 2018 investment

“Our insight into their business made it very easy for us to lead this capital raising and we are also very pleased to now welcome Simon and Rolf alongside us to the board as the company continues on its high growth and profitable trajectory,” he said.

MadeComfy Airbnb management service operates in Sydney, the Blue Mountains, Melbourne, Canberra, Brisbane and the Gold and Sunshine coasts.

The capital is for expansion in other Australian regions and technology and data analytics upgrades. That includes a new B2B product and its own booking channel targeting corporate and mid-term travellers.

Schwaighofer, co-CEO with Bethunin said the business roared back to life over the past year, becoming EBITDA positive and exceeding $20 million in annualised revenue.

“When the COVID-19 pandemic set in, our focus shifted from growth to survival. We knew that retaining our team at all costs would determine our ability to thrive on the other side of the crisis. We implemented flexible hours across the workplace, loaned our team members to other startups in surging industries — such as food delivery — and fully utilised JobKeeper,” he said.

“The strategy worked, and MadeComfy is now stronger for it. Tourism and corporate travel in this country have bounced back strongly and we’ve fully capitalised on it. Over 250 companies now use our platform to find and book accommodation. We’re now unlocking new avenues for growth, including upgrades to our B2B platform, expanding to new locations with New Zealand as our first international expansion, and securing more corporate partners.”

Incoming MadeComfy Chair Simon Lehmann said the fragmented short-term rental market offers “incredible opportunities” for the business.

“Its success to date is a testament to the savvy decision-making and leadership of Sabrina and Quirin as they found the right approach to address growth, product quality and technology lead product delivery,” he said.