(Pic- engadget.com)

Airbnb Seeks Funds Valuing It At $30 Billion

(Pic- engadget.com)
(Pic- engadget.com)

June 29, 2016: Airbnb, Apartment-sharing startup is in talks for a new round of funding that would value the company at $30 billion, a source close to the company said on Tuesday.

Airbnb is planning to use the financing to support new investments and growth opportunities, the source added.
The New York Times first reported the news on Tuesday. Airbnb will have tripled its valuation in two years as per the terms of the new fund raising.

Airbnb raised over $100 million in a round of funding late last year that valued the company at $25.5 billion and expects to achieve profitability in 2016.

The San Francisco-based startup, which operates in nearly 200 countries, also secured a $1 billion debt facility in June from some big US banks to finance its expansion plans.

The pressure on the hotel bookings business of established travel companies such as Priceline Group Inc and Expedia Inc have increased due to the rise of Airbnb and other such startups.