Airbnb letting manager MadeComfy launches cash call as Vic levy looms
MadeComfy, a start-up that provides a property management platform for short-term rentals including to Airbnb, is back on the fundraising trail less than a year after its last cash call.
It is understood MadeComfy’s co-founders, Sabrina Bethunin and Quirin Schwaighofer, have held meetings with investors this month, telling them the eight-year-old business would cross $20 million revenue and break even – on an EBITDA basis – this financial year.
When contacted by Street Talk, Schwaighofer said MadeComfy was expecting no impact on its future earnings from the looming 7.5 per cent levy on short-term rental platforms like Airbnb and Stayz in Victoria. Instead, it was looking for fresh funds to invest in its platform – including implementing AI for content – to grow its network, to expand into New Zealand and to build a cash buffer including for potential acquisitions.
He declined to comment on what slice of MadeComfy’s business came from Airbnb. “We’ve been approached by a few funds. So, we are testing the market … aiming for $5 million plus,” he said.
MadeComfy’s primary business is helping landlords run their short-term rentals on booking websites like Airbnb to ultimately reach guests. That includes connecting them to cleaning, maintenance, styling, marketing, helping guests find their keys and the like, saving property owners the hassle of finding housekeepers, tradies and photographers.
Its platform also offers landlords dynamic pricing and task tracking at their properties. Lastly, it runs MadeComfy branded short-term stays.
Its real estate agent relationships span Harcourts, McGrath, Raine & Horne, Di Jones, LJ Hooker and Ray White, while platforms using it include Airbnb, Expedia, Booking.com and Vrbo. The biggest source of revenue is management fees split with real estate agents.
It remains unclear what impact Victoria’s plan to impose a levy on short-term rentals – and indications from NSW that it may follow suit – would have on MadeComfy. “We think supply will go down, some people will just stop doing short-term rentals. However, demand won’t be affected [despite his expectations of the levy being passed to guests],” said Mr Schwaighofer.
The company last raised $10 million in venture debt and convertible notes in December 2022, in a round that was reported by The Australian in May this year. It raised $6 million equity in 2018, including from ex-Investec emerging companies team (now called Commencer Capital). Its shareholders include Cliff Rosenberg, former LinkedIn Australia managing director.
