MMC Ventures backs holiday home-swap service with further £1m
Love Home Swap also launches ‘revolutionary’ points-based time share system
Venture fund manager MMC Ventures today announced a £1m follow-on investment in holiday home swap platform Love Home Swap, bringing its total backing to around £2.65m.
Founded in 2010 by travel entrepreneur Debbie Wosskow, Love Home Swap is an online property exchange platform that allows holidaymakers in the UK, USA and Australia to swap stays in their holiday homes with each other.
The company has seen especially strong growth in the first half of this year, increasing listings five-fold and tripling revenues following the acquisition of Canadian competitor 1stHomeExchange.
Love Home Swap now claims to list around 45,000 properties in 150 countries worldwide.
MMC Venture’s latest round of funding will see the business invest in marketing, product development and staff hires in sales and customer service as the site aims to double its userbase over the next year.
It follows two previous investments by the fund of £850,000 in 2011 and £800,000 in 2012.
The £1m funding also coincides with the launch of a new points-based system for property swaps, which the company claims will ‘revolutionise’ the time-share model.
Under the new system, users will not have to swap properties directly with each other but can pledge time in their property to a central ‘bank’, which they can accrue and exchange for stays elsewhere.
Debbie Wosskow, founder and chief executive 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 modernise 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 at MMC Ventures, commented: “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.”