Love Home Swap has managed to raise over a million pounds in further venture capital funding to help get the word out there about the service.
The holiday home swap website, launched back in October 2011, raised £1.025 million in follow-on funding from MMC Ventures with the total the latter has invested now at £2.65 million.
“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,” Debbie Wosskow, CEO of Love Home Swap told TechCityNews.
The money will be used for product development, new hires and marking with the company setting an ambitious goal of doubling its user base within the next 12 months.
The site, founded by Wosskow in 2011, has around 45,000 properties listed in 150 countries and the number increased five-fold after the acquisition of competitor 1stHomeExchange. This also saw revenues grow 3.5 per cent.
Alongside the new funding, the site also announced a new points scoring system that means users don’t have to match exact dates and destinations with another user when trying to organise a trip.
Now users can pledge time in their property to a “central bank” and eventually exchange the points gained to stay at homes around the world for free.
Love Home Swap first took investment on board from the London-based fund earlier in 2013, alongside four other London SMEs with MMC Ventures promising to contribute at least £22 million to London firms through a matched fund with the European Regional Development Fund.
The fund was initially set up to give funding to early-stage businesses that generate high levels of growth and are able to create jobs. By securing a second round of funding, Love Home Swap looks set for a successful future.
Image Credit: Flickr (CJ Isherwood)