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 a strategic partner of Airbnb, 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, backing MadeComfy, in 2021, leading the latest round, backed 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 capital and venture capital.

Hansen joins the board of MadeComfy. The company has also appointed Simon Lehmann, co-founder of Vacasa Europe and director of HomeAway, as chairman.

Commencer Capital Director and Chief Investment Officer David Phillips said they would have worked very closely with co-founders Quirin Schwaighofer and Sabrina Bethunin from the 2018 investment

“Our understanding of their business made it very easy for us to lead this capital raise and we are also very pleased to now welcome Simon and Rolf to the Board of Directors alongside us as the company continues 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 a proprietary booking channel aimed at business and mid-term travellers.

Schwaighofer, co-CEO of Bethunin, said the company has bounced back to life over the past year, with positive EBITDA and annualized revenue of more than $20 million.

“When the COVID-19 pandemic broke out, our focus shifted from growth to survival. We knew that keeping our team at all costs would determine whether we could thrive on the other side of the crisis. We’ve introduced flexible hours across the workplace, loaned our team members to other startups in high-growth industries like food delivery, and we’ve taken full advantage of JobKeeper,” he said.

“The strategy worked and MadeComfy is now stronger. Tourism and business travel in this country have rebounded strongly and we have fully benefited from it. More than 250 companies now use our platform to find and book accommodation. We are now unlocking new avenues for growth, including upgrades to our B2B platform, expanding into new locations with New Zealand as our first international expansion, and bringing in more business partners.”

Incoming MadeComfy chairman Simon Lehmann said the fragmented short-term rental market presents “incredible opportunities” for the company.

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