Social travel start-up Love Home Swap has gone back to MMC Ventures for a second time to secure growth capital.
Debbie Wosskow’s Love Home Swap has netted £1.025 million from MMC Ventures through a third institutional fundraising.
The business, which serves as a home swap holiday service, has some 45,000 properties around the world listed on its platform and has increased revenues by 3.5x during the first half of 2013.
MMC Ventures has backed Love Home Swap since its first funding round back in January 2012, when it injected £850,000. The early-stage investor then followed it up by committing an additional £800,000 in November of the same year.
The new funds will reportedly be used to invest in marketing, product development and fund new recruits.
To coincide with the funding round, Love Home Swap has also launched its Swap Points scheme, which will see members pledge time in their property to a central bank. This will then provide them with points which can be redeemed to stay in other members’ homes.
Wosskow, CEO of Love Home Swap, says, ‘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.’
As well as founding London-based Love Home Swap in October 2011, Wosskow co-founded internet protocol television business TripleSEE, and founded creative industry advisory business Maidthorn Partners.
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Back in January 2013, Love Home Swap also completed its maiden acquisition – the purchase of 1stHomeExchange. Using funds previously secured from MMC Ventures, the business also announced that it was reviewing further targets.
Rory Stirling, investment director at MMC Ventures, comments, ‘MMC has always believed in Love Home Swap and is pleased to be able to provide follow-on funding for the high-profile digital business.
‘The move towards the modernisation of time shares is a smart one and reflects the foresight of the strong management team.’