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Top Airbnb management closes significant capital raising deal for future growth

By Tim Neary
19 June 2019 | 1 minute read
airbnb phone 850

One of the country’s leading Airbnb property management service companies has announced it has raised a significant amount of capital through a venture debt instrument, signaling the arrival of a new alternative funding mechanism for start-ups.

Hometime has announced the closure of a venture debt funding round with OneVentures through its 1V Venture Credit Fund. The total round size stands at an impressive $6 million, comprising both venture debt and equity.

Hometime said the deal is the first from the new OneVentures fund, which is a partnership between Australian firm OneVentures and Viola, Israel’s leading technology-focused venture credit fund and a major European market player.

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“The deal highlights the recent arrival of venture debt as an alternative funding option for Australian start-ups,” it said.

“Such deals are more common in the US and Europe where venture debt is used to extend runway between larger funding rounds and reduces dilution for existing shareholders.”

Hometime co-founder William Crock said the funding round provides sufficient capital for Hometime to continue its growth trajectory.

“We believe that venture debt is an appropriate structure for a company such as ours that is generating substantial revenue but needs additional working and acquisition capital in order to execute our aggressive growth plans.

“We were impressed by OneVentures’ extensive investor group and their willingness to partner with us as we continue to scale, and are delighted to be their inaugural fund investment.

“The additional capital will be used to drive market expansion both domestically and internationally, and will power further development of our host platform, which enable us to deliver an exceptional local and personalised hosting experiences on a global scale.”

Managing partner of OneVentures Dr Michelle Deaker said she is “delighted” that its inaugural investment in the fund is Hometime.

“Dave and William have built an impressive high-growth and customer-focused business that is a strong-use case for venture debt where the funds will be used for sales and market expansion. We anticipate a strong partnership with Hometime, to assist them in their growth into new Australasian markets, and beyond.”

Top Airbnb management closes significant capital raising deal for future growth
airbnb phone 850
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