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.
Retailers can manipulate consumer regret to beat competitors
The French luxury group gains full control of the 70-year-old Parisian fashion house Christian Dior in a mammoth deal worth around €12.1 billion.
UK luxury fashion retailer Burberry posts lackluster set of results for its second half following an impressive result in the third quarter, a retail analyst stated.
What seemed like a perfect hacking operation turned out to be a failure as Kaspersky has spotted a mistake on the part of the Lazarus hackers. It found a brief connection that came from North Korea - proving their identity and origin.
A lawsuit has been filed by a Democratic political consultant and Fox News contributor on Monday alleging, among others, that Roger Ailes denied her of a permanent hosting job after she turned down his sexual advances.
South African leader, Jacob Zuma, has sacked finance minister Pravin Gordhan in a move that drove the country's currency down five percent in value. The president calls for a midnight reshuffle in his Treasury members who he felt were disloyal to his political intentions.
The US president has long promoted a change on how foreign businesses should run their operations - and that is to revive American manufacturing. Uniqlo head showed he didn't like being given an ultimatum by Trump.
Cemex, one of the world's largest cement producers, has not participated in the first round of bids that is currently underway but said it is open to providing quotes to supply the raw materials for Trump's promised border wall.
Arket, which means 'sheet of paper' in Swedish, will cater to a modern-day market with products for men, women, children and the home.