Airbnb valued at US$31b in new funding round

Airbnb became profitable in the second half of last year before accounting for interest, tax, depreciation and amortization, according to the source.
Airbnb became profitable in the second half of last year before accounting for interest, tax, depreciation and amortization, according to the source.PHOTO: AFP

SAN FRANCISCO (AFP) - Airbnb raised more than a billion dollars in a fresh funding round that valued the home-sharing startup at US$31 billion (S$44.05 billion), a source close to the company told AFP on Thursday (March 9).

Airbnb added US$448 million to the US$555 million in funding it took in last year, according to a filing on Thursday with the US Securities and Exchange Commission.

Airbnb became profitable in the second half of last year before accounting for interest, tax, depreciation and amortization, according to the source.

The new funding valued the company at US$31 billion, and will give it "operational flexibility," according to the source, who noted that Airbnb has no plans to go public "any time soon."

Airbnb, one of the most prominent members of the so-called "sharing economy", has raised more than US$3 billion since being founded in 2008.

The start-up late last year expanded beyond home-sharing services to letting travelers dive into local happenings, enhancing security measures in the process.

The company has partnered with a restaurant booking platform with the intention of adding an option to book tables from inside the Airbnb application.

Another potential revenue-generating feature being added was the ability of local businesses to host events for Airbnb guests to get together.

"Airbnb's vision is to ultimately cater for every aspect of a trip," the company said at the time.

It is one of the largest venture-backed start-ups, behind ride-sharing giant Uber, which has an estimated value of $68 billion.