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

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI