Airbnb Takes in $1 Billion in Funding Round

Airbnb raised $1 billion more as it expands its cash during a time of higher interest by investors in businesses that are fast growing.

The company disclosed its funding through a securities filing Thursday. It raised its money during a financial round that started during the summer of 2016 and valued the business at over $30 billion. The filing did not name any investors.

During the past few years, Airbnb, which is a short-term rental company for lodging that was founded during 2008, has raised over $3 billion and has secured a line of credit of $1 billion.

Based in San Francisco, Airbnb is the No. 2 U.S. based private company in value behind just ride-hailing startup Uber, according to an online research firm.

It had been reported previously that Airbnb closed its funding round. A spokesperson for the company did not comment about the securities filing when asked.

The end of the funding round comes following this month’s initial public offering by Snap, the parent company for Snapchat a messaging application. That company was one of the most valuable private companies until its IPO last week.

The IPO for Snap raised a number of questions about other private technology companies that might go public during 2017.

Airbnb has been mentioned many times as a good candidate for an IPO. Unlike many other prominent tech startups that have received backing from venture capital, the company has not burned through money from investors to pay for operations.

Airbnb is already profitable, according to people close to the company who requested anonymity due to the company’s financial statements being private.

The company CEO Brian Chesky said during a November interview that he was not against an IPO, but the company did not have any immediate plans to have one.

Airbnb, which brings together travelers with those who want to rent their own homes for short periods of one day up to a few months. It says there are more than 3 million listings on its site across a total of 190 countries.

The company is now buying and investing in other business lines like property management, restaurant reservations and payments.

In 2017, Airbnb confirmed a pair of acquisitions. It acquired Tilt a startup payments company that allows people to split bills more easily and Luxury Retreats, a business that manages vacations rentals. It announced as well, that it invested in Rey, a reservation app for restaurants.

This story was originally published by sleekmoney (https://sleekmoney.com) and is the sole property of sleekmoney. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at https://sleekmoney.com/airbnb-takes-in-1-billion-in-funding-round/1699372.html

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.

 

Leave a Reply

Your email address will not be published. Required fields are marked *