The website, founded by UK entrepreneur Debbie Wosskow, launched in October 2011 and allows holidaymakers to swap homes for other residences in 70 different countries.
The business derives its revenues through membership subscriptions, with premium signups gaining access to a ‘dedicated travel team’, personal concierge and travel guides.
Rory Stirling, investment director at MMC Ventures, comments, ‘Love Home Swap exemplifies the qualities that we look for in any business that we back, a proven entrepreneurial team, compelling business model and large underserved market.
‘The business provides a fantastic value proposition to its users, which is demonstrated by its market leading product and highly engaged international user base.’
According to statistics compiled by One Poll, the number of people in the UK planning a home swap holiday is set to rise from 1.6 million in 2011 to 3.2 million in 2012.
Wosskow, founder and CEO of Love Home Swap, adds, ‘Whilst home-swapping has existed since the 50s, no-one was doing it for a modern ‘Boutique Britain’ – those who love smart hotels and stylish comforts.
‘This investment will enable us to cater even better for the millions of cost conscious families and second home owners who are still keen to travel.’
As well as founding Love Home Swap, Wosskow co-founded internet protocol television business TripleSEE, and founded creative industry advisory business Maidthorn Partners.
Stirling adds, ‘Collaborative consumption is disrupting traditional modes of business and reinventing what people consume and how they consume it.
‘This is particularly prevalent in the travel sector where exciting sub sectors are rapidly emerging, enabled by deep social integration and transparent trust features.’
London-based MMC Ventures currently has £80 million under management and has portfolio companies including online children’s clothing retailer AlexandAlexa, online video rights management business Base 79 and payroll company iiPay.
It invests between £500,000 and £5 million in UK headquartered businesses in the technology, media and telecoms, financial services and healthcare sectors.