Mar 10, 2017 09:06 AM EST
Airbnb raises more than $1 billion of investment funding in a deal, according to sources close to the home company. The round of funding was confirmed in an SEC filing dropped on Thursday that makes the company now worth approximately $31 billion.
The San Francisco-based firm offered not to comment further on how it would use the investment funding, instead it expressed its intention to expand operations globally. Airbnb launched in 2008 and currently operates in 65,000 cities worldwide. The concept is to let people rent out their properties at cheap prices as compared to hotels and traditional Breakfasts and Bed.
Reports said Airbnb closed roughly an additional $450 million as part of its series of investment funding that makes this round nearly twice as much as it stood last fall. The total amount raised was $1,003,312,065, according to the filing. It made its first profit in the second half of 2016 and will continue to be profitable in the next years.
A source within the company said that it doesn't plan to go public soon and list its shares on the stock market in the near future. Airbnb has since diversified and is offering new services that include tailor-made city tours and exclusive experiences with local experts. On the downside, the company also faced criticisms over claims it is driving up rents and contributing to housing shortages in some cities.
Last December, Airbnb said it would prevent hosts in London from renting their homes for more than 90 days per year without official consent. The move came after it faced pressure from MPs. Tougher regulations were also implemented in New York, Berlin and Barcelona. Meanwhile, it cashed at a $30 billion valuation.
With the results, Airbnb is the second most valuable start-up company in the US just behind Uber. It is enjoying an operational flexibility thanks to a stronger balance sheet.
Visa Inc and Mastercard Inc, the two biggest U.S. card networks, are preparing to raise certain fees levied on U.S. merchants for processing transactions from this April, the Wall Street Journal reported on Friday, citing people familiar with the matter.
People who travel for business two weeks or more a month report more symptoms of anxiety and depression and are more likely to smoke, be sedentary and report trouble sleeping than those who travel one to six nights a month, according to a latest study conducted by researchers at Columbia University's Mailman School of Public Health and City University of New York.
President Trump said Friday he is declaring a national emergency on the southern border, tapping into executive powers in a bid to divert billions toward construction of a wall even as he plans to sign a funding package that includes just $1.4 billion for border security.
Amazon's decision to abandon plans to build a new campus in Long Island City, Queens, has drawn cheers from several politicians, community organizers and other locals opposed to the expansion.
Whether the presence of a college or hospital increases a home's value has to do with the institution's size and the ZIP code's population, says a new study by computer scientists at the University of California, Riverside.
In recent decades, Europe has experienced a downward trend in the annual number of deaths. Not only was this trend not arrested by the economic recession that started in 2008, in fact, the rate of decline increased during the recession years.
Discovering that your new designer handbag or gold watch is a fake is costly and annoying, and counterfeit medical devices or drugs could have even more serious consequences. But seemingly as soon as manufacturers develop a new method to ensure product authenticity, counterfeiters find a way to outsmart it. Now, researchers have created an "unclonable" tag that can never be replicated, even by the manufacturer. They report their results in ACS Applied Materials & Interfaces.
The traditional model for setting auto insurance premiums has been to base rates on the motorist's driving history, age, gender and even marital status (in some states). Thanks to new technological options, insurance companies, and motorists have started to work together to give the insurance companies access to better data on an individual driver's risk level, and give the same driver a sense of greater control over how much he or she will pay in insurance premiums.
Consumer brands have long used old-fashioned focus groups, interviews and surveys to best gauge consumer wants, desires and needs as part of processes that range from product development, to marketing and sales. As machine learning and artificial intelligence (AI) have emerged, there is an increasing interest in the ability to harness these solutions to save time and money, and to yield more reliable consumer insights.