&Swapp

01

Exec sum.

Our vision is to change the way we travel with home-swapping based on user interfaces and data-based personalized matching.

In order to do that we are creating the new home-swapping platform, starting with French communities living in the U.S. We focus on technologies, design and data to deliver value to users

We will be unique and profitable thanks to our UX that eliminates the cumbersome rules of home-swapping, our segmented distribution model, our integrated protection model and our matching algorithm to become the central platform for home-swapping.

Founding team is gender-mixed, with an experienced repeat entrepreneur (first success in e-commerce) fascinated with shifts in consumer habits, marketplaces and UX research, and a full-stack developer passed through OVHcloud who has a proven track-record on building and scaling digital products.

Yet, we have validated our approach with a unique and distinctive model, defined our roadmap and technologies, built the first version of the platform, acquired our first users, completed our first home swaps and closed a first round with business angels, friends & family.

We are now preparing a new round with great business angels from Travel, Marketplaces & Tech, selected for the strong strategic value and expertise they can bring. We are looking for long term partners that will help us build the leading home-swapping platform for globally mobile people, starting with French communities worldwide.

02

Our Vision

Redefine the way we interact with travel and hospitality through our home-swapping platform focused on technology, data and design.

03

Problems

• User experience is very poor and fragmented in home-swapping networks.
• Trust and protection rules are unclear for the user (no transparency, hidden fees, complex terms). Users are not able to get clear coverage.
• Onboarding is complex, with long profiles, listings and several steps before even being able to send a message to another user
• Matching is mostly manual, with several messages needed to align destinations, dates and expectations
• Trust, verification and protection are fragmented across the experience
• No personalized matching based on lifestyle and affinity.
• The massive expansion of remote work and "Work from Anywhere" creates an unaddressed need for frictionless, low-cost long-term stays.

04

Our Solution

A new home-swapping experience designed for simplicity and powered by data. Become a member in less than 3 minutes :

• Very simple questions : Create a complete, enriched home listing and verify your identity
• No endless browsing or manual searching : Choice between a few personalized and compatible home-swaps
• Manage your entire home-swap in one place, from match to arrival, without endless back-and-forth.
• An integrated protection model (&Swapp Protect) powered by a leading insurance partner with a built-in instant payout pocket for micro-claims.
• Platform for integrated travel services: automated professional cleaning, automated digital key exchange, on-demand maintenance

05

Why now and why French communities in the U.S.?

Users now expect every digital service to be instant, intuitive and personalized. Banking (Qonto), insurance (Alan) and legal (LegalPlace) have already gone through this UX revolution. Home-swapping has not whereas artificial intelligence is also dramatically raising user expectations for effortless, ready-to-use experiences.

No leader is built around instant matching, radical UX simplification and an affinity-based, ultra-secure transactional approach.

We have a unique market access through French communities worldwide, young professionals, alumni and expatriates. They represent a high-density, high-trust circle, and they already use fragmented Facebook groups to find house-swaps. We target and capture them natively. And we know how to distribute to them.

Kindred has proven in the US the capacity to attract a younger, premium audience to home-swapping (500,000+ nights swapped in ~4 years / c. $600m valuation), while HomeExchange confirms the broader category is accelerating (+43% exchanges in 2025).

06

Master Plan

The initial product of &Swapp is a simplified and unique home-swapping platform for the French expat market in the US, living in or willing to travel to high-cost destinations. However, our long term plan is to build the new gateway to travel, helping users travel more and for less in a home-swapping market that is today still largely reserved for insiders and families with large homes. It means that we will be at the edge of future travel technologies and give access to them to our users with the best possible user experience.

Critical to making that happen is to build liquidity, balancing supply and demand and maintaining a continuous flow of active travel projects, while leveraging the power of data with the right UX and protection.

The strategy of &Swapp is to enter the fragmented and non-differentiated home-swapping market, where users want simplicity and fewer hurdles, and then expand services as fast as possible to offer the same level of insurance, guarantees and protection as established players, while making the entire experience radically simpler. Protection is necessary to build trust, but not sufficient to accelerate home-swapping

So what is the plan

1. First step

   • Become the reference home-swapping platform for French V.I.E communities
   • Start with the 45,000 active and alumni V.I.E as core users, where we know how to distribute
   • Deliver the best user experience on our initial product: simple onboarding, relevant matches in less than 3 minutes, effortless listing creation and a simple way to organize and secure the exchange
   • Metrics: first liquid corridors, 100+ active travel projects, first paid exchanges

2. Second step

   • Iterate on our core features: better matching, better Smart Listing, more integration throughout the exchange
   • Deploy and activate the dynamic pricing matching engine (duration, destination, seasonality).
   • Understand from our users how they use our product and what makes an exchange actually happen
   • Focus on customer support and expand to our next communities: alumni and employees of scale-ups
   • Metrics: 1,000 active users, repeat exchanges, high level of recommendation from our existing base

3. Third step

   • Start building the next layer of the home-swapping platform
   • In order to do that, we will explore a native insurance model and begin the integration of new services through external partners: cleaning, key management, home watching and other services around the exchange
   • The goal is to remove the remaining frictions that stop people from opening their home.

4. Fourth step

   • Expand distribution to alumni communities from European business schools, engineering schools and universities

5. Within the next 3 years

   • Expand distribution to scale-ups and SMBs with offices in at least 3 cities, then large corporations
   • Build an open platform to connect home-swappers with the best services around their exchange
   • Become the reference for home-swapping, while keeping the experience simple, trusted and flexible.

07

Market

Global Market size

• Peer-to-peer rental accommodation: $219.9bn global gross bookings market in 2025
• Home-exchange represents only c.0.3% of global P2P accommodation nights today, despite growing significantly faster than the mature rental market
• The global P2P accommodation market is divided into three types of players: Peer-to-peer rental marketplaces, Home-exchange platforms, Direct / informal P2P
• Rental marketplaces are highly concentrated around Airbnb, Booking and Vrbo, while HomeExchange dominates the historical home-exchange market and Kindred is emerging as the main new-generation player
• Home-exchange has the strongest current growth dynamics: HomeExchange exchanges +38% vs. c.+9% growth for the global short-term rental market in 2025
• Europe is the historical core of home-exchange: c.60–70% of HomeExchange activity is estimated to take place in Europe
• France alone represented c.37% of HomeExchange guest-nights worldwide during summer 2025 and c.33.5% of its members

Global peer-to-peer accommodation market (2026)

Margins for home-swapping platforms

• 20 to 30% target EBITDA margin at maturity
• Customer acquisition, brand & community growth 15–25% of sales, product & technology 15–20%,
• support / trust / protection 10–15%, platform costs 5–8%, administration 10–12%

Our community-led distribution model will reduce customer acquisition costs, as each new member can generate both supply and demand, and we will use new technologies to enhance support, verification and trust & safety through automation.

On a middle term perspective, our learnings on data will improve matching success, activation and retention, while increasing network density will reduce the cost to serve each exchange.

08

Customer profile & roadmap

Short term: our ideal customers are V.I.E. and recent V.I.E. alumni (c.45,000 people; +c.7,000 alumni every year)

• Average accommodation spend per user per year: €700–1,800 (€360–1,390 potentially replaced through home-swapping)
• Then, we will focus on French expats aged 26–40 (393–550k), European university alumni (c.45m recent alumni; +4.5m every year), scale-up employees (c.1.4m), and SMB employees (c.48m)
• Some large companies are interested in offering new mobility and travel solutions to their employees. We will address them as soon as our product is ready and tested with scale-ups (through our network)
• We are setting up network effects tools to incentivize actual users in order to push them to generate new users

Geographic growth

• Geographic growth when we have achieved significant liquidity on our first submarket: V.I.E. and French expats in the US (c.169k registered French residents, with strong hubs in New York (c.42k), Los Angeles (c.25k) and Boston (c.12k)
• Different local travel habits and regulations, but front-end and user needs remain the same
• Insurance, guarantees and operational services will remain local-partner dependent and will be a question for scaling
• UK: London is one of the largest French communities abroad (c.135k registered French residents)
• Canada: c.120k registered French residents, with Montréal as one of the largest hubs (c.72k)
• We need to assess liquidity city by city and corridor by corridor before opening broader markets

09

Competition

Competitors

• No direct startup competition in Europe
• A few home-exchange platforms but none with the same instant matching and user experience approach. They have lower flexibility to simplify their onboarding and push new home-swapping products & services, as their core promise relies on rich and detailed home listings:
• HomeExchange: market leader, historically family-oriented, with larger family homes and an experience built around listings, search and GuestPoints
• Kindred: younger and more urban positioning, but expensive, premium and primarily focused on the US market, with a service-heavy model and fees on every trip
• People Like Us / ThirdHome: smaller players, focused respectively on community and premium homes

HomeExchange has a digital approach, but still requires a very detailed onboarding and relies on rich listings, search and GuestPoints. The leader has lower flexibility to radically simplify its product. Why?

• Its product has been built over more than 30 years around detailed home listings, search and existing exchange mechanics
• Users need to complete at least 80% of their listing before contacting other members, including photos, home details, amenities, descriptions and availability
• Its large existing community makes radical changes to the core experience harder to deploy without disrupting existing users
• Its historical audience is more family-oriented, while the product remains optimized for detailed homes and planned exchanges

Kindred has a very different approach: premium and mainly US-focused, with a strong product and significant capital to accelerate the category.

• Kindred raised $125m in new capital in 2026 to scale its model and make home-swapping mainstream
• This investment will help educate the market and normalize home-swapping as an alternative to hotels and rentals
• We can benefit from this market education while positioning &Swapp just behind with a simpler, community-first approach for Europe

Our competitive advantages for users

Very simple and very clear to the user: for the first time, know in less than 3 minutes where you can realistically home-swap

Real tools to make home-swapping effortless: Smart Listing, matching, exchange management and integrated services

Product and design-oriented team coming from tech and e-commerce

Focus on user experience

Product and design oriented team coming from tech

Data-based matching that increases the chances of a successful swap, allowing users to travel more and for less

Our competitive advantages as a company

We developed a unique approach to home-swapping, combining community-based distribution, instant matching and radical simplification of the user experience

Ability to attract strong product & tech talent around an underserved topic which is home-swapping

User-centric very short feedback loop: we are already testing the product corridor by corridor with V.I.E. and French expat communities before scaling

Distribution in V.I.E., expat and alumni communities which are underserved. We have already validated a first pool of users and exchange

Why didn't they do it ?

Big players that don’t need to radically change their product to consolidate their position

Incumbent platforms are built on 20–30 years of legacy product and technology, creating technical debt and reducing their ability to radically simplify the experience

Some initiatives from new players, but either built around legacy home-exchange mechanics or premium US-focused models

Product, matching & distribution are not designed together around instant liquidity and a radically simpler user experience

10

Product

Functionalities

• Very simple on-boarding
• Dashboard to manage travel projects, matches and exchanges
• Smart Listing to create a complete home listing in seconds
• Simple exchange confirmation: users know exactly what they pay for, what is protected and which services are included

Middle term functionalities

• Home-swap recommendation based on destinations, dates and compatibility
• Predictive models to tell users where and when they are most likely to find a swap
• Advanced availability and exchange models for flexible dates, non-simultaneous swaps and longer stays
• Integrated services around the exchange: cleaning, key management, home watching

Product (0–6 months)

• Set-up onboarding
• Develop web & app
• Develop Smart Listing and matching
• Dashboard to manage travel projects / matches / exchanges

Growth & Distribution (0–6 months)

• Start with the 45,000 active and alumni V.I.E where we know how to distribute
• Build liquidity city by city and corridor by corridor
• Test community acquisition, ambassadors and partnerships
• Identify the channels that generate active travel projects, not just sign-ups

Resources: CEO, CTO, Growth

Vision: Short-term, we will subcontract some parts of the product and services (customer service, cleaning, key management), and will vertically integrate the most strategic ones when we have released our front-end platform and started to show liquidity and traction.

Protection & services (0–12 months)

• Strengthen insurance and guarantees
• In-app check-in and condition reports
• Cleaning and key management integration
• Increase the level of protection and service around every exchange

Growth & Distribution (6–12 months)

• Expand from V.I.E to alumni communities
• Start distribution through scale-ups and their employees
• Replicate the most liquid communities and corridors

Resources: CEO, CTO, Growth, marketing, operations, insurance and service partners

Product roadmap (12–24 months)

• Advanced recommendation and predictive matching
• Expand from short stays to medium and long-term mobility
• Temporary relocation and professional mobility
• Platform for integration of home-swapping and mobility services

Growth & Distribution (12–24 months)

• Expand to SMBs with offices in at least 3 cities
• Expand to large corporations
• Replicate the model across European and international communities

Resources: CEO, CTO, Growth, marketing,+2 engineers, + data/AI, + operations

11

Business model

Revenue model

• Transaction fee per successful home-swap
• Additional revenues from protection and integrated services
• No set-up cost and no subscription required initially

Pricing

• Matching initially free while we build liquidity
• €29 Serenity offer including protection and services around the exchange
• We are working and finalizing our dynamic pricing model, likely to be introduced once sufficient liquidity is reached
• Pricing will progressively reflect duration, destination, accommodation value saved and supply / demand

Sales & distribution model

• 100% web & app distribution
• Direct acquisition through communities where we know how to distribute: V.I.E., French expats, alumni and scale-ups
• B2B2C distribution through employers will be introduced once the model is validated within communities

Customer segmentation

• B2C approach through web & communities
• B2B2C approach through alumni networks and scale-ups
• B2B approach through SMEs with offices in several cities, then large corporations

Customer acquisition cost & lifetime value

• Revenue per Completed Exchange is expected to increase from €60 in 2027 to €75 in 2029, while exchange frequency per Member also improves over time.
• Lifetime value is modeled over 5 years on average. Home-swapping can remain relevant throughout a customer’s travelling life, but we are cautious until we have sufficient retention data
• Onboarding, support and acquisition cost to be finalized, but appears to remain low in first calculations
• CAC is not hard-coded yet: acquisition spend currently includes paid acquisition, brand and community growth. We will progressively isolate CAC per new Member and per Completed Exchange as volumes increase

12

Regulation

• We have already started legal work with specialized counsel on home-swapping between tenants
• Our objective is to obtain explicit recognition of reciprocal home exchange between tenants
• This would significantly increase our addressable market: 40.4% of French households are tenants
• 7.7m French households already rent their home in the private market and could ultimately be concerned by this change
• We intend to help shape the regulation early, rather than wait for it

13

Financial Business plan

14

Our Operating KPIs

Our first objective is not to maximize exchanges at any cost. It is to remove each constraint upstream:

simplicity→liquidity→matching→conversion & repeat

15

Resources needed

1. 0-6 months

   • CEO / business co-founder
   • CTO / technical co-founder
   • 1 Product / AI engineer
   • 1 Growth & Community
   • Lean use of freelancers / creators / external support for design, content and operational peaks

2. 6-12 months

   • Core team remains at 4 FTE
   • Focus on product simplification, onboarding, matching quality and liquidity
   • External capacity used rather than building fixed teams too early

3. 12-18 months

   • +1 Data / Matching engineer
   • +1 Partnerships / Growth Ops

4. 18-24 months

   • +1 Partnerships / Growth Ops
   • +1 Marketplace Ops / Trust & Safety
   • 8 FTE total

5. 24–36 months

   • +2 Product / Engineering / Data
   • +1 Growth / Performance
   • +1 Support / Trust
   • +1 Finance / People / Operations
   • 13 FTE total

16

Financial needs

0–12 months

c. €650k

0–18 months

c. €1.62m

0–24 months

c. €2.59m

Subsidies & non-dilutive funding

• We are actively applying for French innovation and tourism-related subsidy schemes
• Bourse French Tech objective: c. €30k
• Additional non-dilutive programs will be pursued as product and technology investment increases

Capital will primarily finance product, marketplace liquidity and the first repeatable acquisition loops.

17

Fundraising short-term

• We are now preparing a €450k pre-seed round with great business angels from Travel, Marketplaces & Tech, selected for the strong strategic value and expertise they can bring. c. €100k has already been secured.
• We are looking for long-term partners who will help us build the leading home-swapping platform for globally mobile people, starting with French communities worldwide.
• We are targeting c. 15% dilution for this round.

18

Fundraising middle-term

• We will consider a larger Seed round once we have demonstrated repeatable liquidity and exchange conversion in our first corridors
• The objective will be to scale the model across European cities while maintaining strong marketplace density
• Capital will primarily finance geographic expansion, product / data capabilities and trust infrastructure
• We do not intend to scale through a service-heavy operating model
• Future fundraising will be sized against demonstrated marketplace economics rather than headcount growth alone

19

Team

Founding team (first employees)

• Employee incentive pool planned for key early hires
• First hires are a Product / AI Engineer and Growth & Community
• Product / AI focused on matching, recommendation, automation and product simplicity
• Growth / Community focused on acquisition, communities, creators and partnerships
• Next hires: Data / Matching Engineer and Partnerships / Growth Ops
• Other hires added as volume grows: Marketplace Ops / Trust & Safety and additional Product / Engineering profiles