Airbnb-backed Zeus Living sees valuation halved

Corporate-housing startup raised $15M at $110M valuation

TRD NATIONAL /
May.May 11, 2020 10:15 AM
Zeus Living co-founder and CEO Kulveer Taggar and one of the startup’s homes (Credit: Zeus Living, Facebook)

Zeus Living co-founder and CEO Kulveer Taggar and one of the startup’s homes (Credit: Zeus Living, Facebook)

Zeus Living, a corporate-housing startup backed by Airbnb, has seen its valuation plummet in a matter of months.

The company recently raised roughly $15 million at a $110 million valuation from existing investors including CEAS Investments I and Soros Fund Management, according to Bloomberg. That’s down from a $205 million valuation in December.

Zeus, which helps landlords furnish and market homes for a corporate crowd, reportedly did not have enough cash on hand to meet certain requirements tied to a loan from Soros, necessitating the funding round.

Zeus is far from the only startup to see its valuation plunge as the travel and hospitality industry tanks. Its backer Airbnb raised funds from investors last month at a valuation of $18 billion, a significant drop from its peak of $31 billion.

Similar to hotels looking for other revenue streams, Zeus has rented some of its homes to health care workers and people leaving densely populated cities. It laid off about 80 workers in March. [Bloomberg] – Eddie Small


Related Articles

arrow_forward_ios
From left: Mayor Bill de Blasio, 54 West 39th Street, 62 Grand Street, and 208 West 30th Street (Credit: Google Maps)

The Airbnb crackdown continues: City targets three more buildings

The Airbnb crackdown continues: City targets three more buildings
Mayor Bill de Blasio and Stanley “Skip” Karol, an Airbnb host (Credit: Getty Images and Youtube)

Airbnb host narrowly clears hurdle in First Amendment claim against city

Airbnb host narrowly clears hurdle in First Amendment claim against city
A West Village Airbnb listing (Credit: Airbnb)

Airbnb Luxe launched without listings in one of their biggest potential markets — why?

Airbnb Luxe launched without listings in one of their biggest potential markets — why?
New foreclosure filings are rising again as limits are lifted (iStock)

Foreclosure filings ramp up, especially in minority neighborhoods

Foreclosure filings ramp up, especially in minority neighborhoods
The MTA board approved rent relief for small businesses in Grand Central and other locations (iStock)

MTA cuts rent up to 90% for small businesses

MTA cuts rent up to 90% for small businesses
New York Community Bank president Joseph Ficalora (Facebook; iStock)

NYC’s largest multifamily lender says rent collections are at pre-pandemic levels

NYC’s largest multifamily lender says rent collections are at pre-pandemic levels
Related chairman Stephen Ross (Getty; iStock; Health Pass) 

Related, Cushman & Wakefield use new app to screen workers for Covid

Related, Cushman & Wakefield use new app to screen workers for Covid
Newark puts restrictions on businesses amid spike in Covid-19 cases (Getty)

Newark restricts businesses again to curb Covid spike

Newark restricts businesses again to curb Covid spike
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...