Arbnb announces billion dollar valuation

By Bizclik Editor

 

If you’re not familiar with the term “Airbnb,” you better believe you’ll be hearing much more about this company in coming days. The hotel, boat, castle, tree house and apartment-sharing service is undergoing a multi-million dollar renovation and has announced that it has closed $112 million in a round of financing led by Andreessen-Horowitz. Partner Jeff Jordan led the deal for the firm, which contributed $60 million, according to Forbes. While the firm isn’t disclosing the valuation, analysts believe the number exceeds $1 billion.

Airbnb’s last round of funding was minimal compared to today’s announcement. Funding of $7.2 million came from such companies as Greylock Partners, Sequoia Capital, Ron Conway’s SV Angel and celeb mogul Ashton Kutcher. The company only came to fruition in August 2008 and was founded by Nathan Blecharczyk, Brian Chesky and Joe Gebbia. Andreessen-Horowitz partner Jordan says Airbnb will use the new funding to expand globally adding to its fleet of 186 countries that already use the service.

See top stories in the WDM Content Network:

Airbnb has become quite popular in the luxury rental space for the elite and the commoner because its business plan and momentum matches those of today’s massive brands, such as eBay. Airbnb came from the idea when Chesky and Gebbia thought of a novel idea to offer their apartment in San Francisco to conference guests looking for a hotel room, which were sold out one weekend. Without having actual beds to offer, the idea of using airbeds transformed into the idea for an “airbedandbreakfast,” thus creating Airbnb. Three conference attendees stayed the evening and the duo enjoyed the company of guests and a new mode for income.

Growth has been exponential since the idea, and the company has helped to book more than two million rooms in over 16,000 cities around the world.

Share

Featured Articles

Top 20 essential leadership resources for Black executives

To celebrate Black History Month, here are 20 resources for Black leaders – from business books to leadership coaches to business school exec programs

Broadridge study reveals huge impact of AI on C-suite

Broadridge Financial Solutions spoke to 500 C-suite executives from across the globe, many of whom said AI was significantly changing the way they work

PwC's Kathryn Kaminsky – the role of boards on social issues

As Vice Chair Trust Solutions Co-Leader at PwC, Kathryn Kaminsky says boards play an important role in helping businesses take action on social issues

Why your business needs a Chief Transformation Officer

Leadership & Strategy

12 top AI and ML trends for the enterprise in 2023 – Dataiku

Technology & AI

From NYC to Hong Kong, the rise of the private members' club

Leadership & Strategy