OneFineStay, the upscale home sharing service, has raised $3.7 million to expand its operations.
The company currently only lists London homes but the new injection of cash will help fuel its ambitions to expand to New York and Paris.
The cash, which came from Index Ventures, will also help the company expand its 15 person team. OneFineStay recorded its first profit last year and the company has received favourable media attention.
Chief executive Greg Marshal said: “The economics are sound. We’re getting much more interest from hosts than anyone can keep up with. There’s a vast number of underused homes in London.”
The concept behind the site is home owners who are approved can make money renting their houses while travellers enjoy local culture with all the comforts of home and the services of a hotel.
Homes get a full clean before and after every stay, new bed linens are laid out when needed and travellers get a list of restaurants, local attractions and cultural hotspots from the home’s owner.
Currently, OneFineStay operates 50 properties in London but that number is set to increase. The average home is valued at about £1 million.
Marshal said the target market was high-end business travellers, couples looking for a great place to stay and anyone with money who is trying to get away from the traditional hotel experience.