Airbnb rakes in $1B in latest funding round

The short-term rental company raised $448M of it since September
March 09, 2017 02:15PM

Airbnb Founders Joe Gebbia, Nathan Blecharczyk and Brian Chesky (Credit: Getty Images)

From the New York website: Airbnb announced Thursday that it brought in more than $1 billion during its latest round of fundraising, valuing the nine-year-old hospitality startup at at $31 billion.

The San Francisco-based company previously said it raised about $555 million as part of the same funding round in September, but a source close to the company told Reuters that Airbnb has raised an additional $447.85 million, pushing the total over $1 billion. Previously, it raised $100 million in a funding round in the fall of 2015.

During the second half of 2016, Airbnb turned a profit for the first time, according to Bloomberg. In November, Bloomberg also reported the company was in advanced talks to buy its biggest Chinese rival, Xiaozhu.com. Meanwhile, the company is considering breaking into the long-term rental market.

Airbnb has been hampered in Miami Beach by legislation designed to curb short-term rentals except in certain designated areas. In January, the short-term rental platform signed a deal with the town of Surfside to begin collecting and remitting taxes on March 1, marking the first municipality in South Florida to do so. 

The scourge of commercial property owners across New York City, Airbnb is the subject of a lawsuit brought by Parker Madison Partners, who allege that Airbnb is actually an illegal brokerage and should be registered with the state of New York in order to continue doing business. Airbnb has not commented on the litigation. [Reuters]  — Will Parker