Love Home Swap, a home swap holiday service, has raised follow-on funding from MMC Ventures. The additional funding will be used to invest in marketing, product development and new hires.
Love Home Swap , the stylish home swap holiday service, has announced today that it has raised a further £1.025M follow-on funding from lead investor MMC Ventures – and at the same time launched a revolutionary new Swap Points scheme, a world-first within the Social Travel sector.
With the new Swap Points scheme, arranging trips becomes even easier through the Love Home Swap site as members no longer need to match exact dates and destinations with each other. They can now pledge time in their property to a central bank. In exchange they receive points that they can redeem to stay in other members’ homes around the world for free – without the cost of hotel bills to worry about.
Love Home Swap now has more than 45,000 stylish properties listed in 150 countries worldwide, and has made strong progress over the first half of this year. Listings have increased 5x and revenues 3.5x, driven by rapid organic growth and the acquisition of a leading competitor site, 1stHomeExchange.
The additional funding will be used to invest in marketing, product development and new hires, particularly in the areas of sales and customer service, as the business aims to double the number of members it has over the coming 12 months.
Debbie Wosskow, CEO of Love Home Swap, said: “We’re excited to close this latest round of funding to help us continue to scale the Love Home Swap business. The home swapping model is potentially the future of time-shares, a sector with a long history that is looking to modernize fast and reach out to future generations. With our new Swap Points scheme, Love Home Swap continues to innovate within the travel industry. Our plan is to keep delivering what we do best: ensuring that our members enjoy dream holidays in inspiring homes around the world whilst saving thousands on hotel bills.”
Rory Stirling, Investment Director of MMC Ventures, added: “MMC has always believed in Love Home Swap and is pleased to be able to provide follow on funding for this high profile digital business. The move towards the modernization of time shares is a smart one and reflects the foresight of the strong management team.”
Founded in 2000, MMC Ventures is an active investor and award-winning venture fund manager, focused on technology-enabled sectors where the UK is a world leader – particularly financial and business services, business software, digital media and e-commerce. Having raised a total of approx £100 million, MMC invests around £10 million per annum, in a combination of new investments and add-on capital for existing portfolio companies. MMC specialises in fast-growth early-stage UK-based businesses, partnering with entrepreneurs and impressive management teams to achieve substantial scale and profitability. MMC’s existing portfolio includes AlexandAlexa, Base79, Interactive Investor, Knowledge Mill, Love Home Swap and Reevoo.