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Cosmopolit Home, a French home-swapping platform, today announced that it has raised its first round of funding, €2 million ($2.6 million) from venture capital firms Rhone Alpes Creation, Expansinvest and Otonnale.
Users accumulate nights by accommodating other travelers at their home. These can then be used to stay at other members’ houses for free. The company’s end-goal is to create a virtual currency by facilitating the transfer of free stays.
The platform; however, is not completely free. Guests pay a $9.90 connection fee to confirm their night swap.
Guests can also pay to extend a stay past the number of free nights that they have accumulated. Rates can cost between $5 and $10 per night depending on how long the guest stays.
The one-year-old startup claims to currently have more than 6,000 hosts in 54 countries.
The money will be used to grow the site’s user base in Europe and expand into Europe.