Home-rental startup Airbnb has raised $1bn in a new round of funding, pushing the value of the company up to $31bn.
The San Francisco-based firm did not disclose the details on how it would invest the new funds.
With a presence in 65,000 cities across the world, the company has witnessed rapid growth after commencing operations in 2008.
Airbnb is expected to use the new funds to expand its global presence. The funding round is said to ease pressure on the company to issue an initial public offering (IPO).
Airbnb’s VP of product Joe Zadeh was quoted by TechCrunch as saying: “Airbnb and Tilt have a common vision for building community-oriented products that make it easy to bring people together.”
Airbnb makes revenue by taking a 3% share of each booking on its website, and it charges a 6% to 12% service fee from guests.
This article is from the CBROnline archive: some formatting and images may not be present.
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