Airbnb Raising $850 Million at a $30 Billion Valuation
The room-rental platform Airbnb Inc. is raising $850 million at a valuation of $30 billion, according to a disclosure filed with the state of Delaware. The filing doesn’t disclose who is making the investment. The private stock market company Equidate provided Airbnb’s July 28 filing.
The San Francisco-based company up significantly from a valuation of $25.6 billion at the time of its $1.5 billion raise in June 2015. With the $850 million disclosed in last week’s filing, Airbnb has raised about $3.2 billion in equity, according to Equidate.
The deal that was first reported by the Wall Street Journal, more than a month ago, said it was expected to be accompanied by a $200 million sale in employee stock.
WSJ added that the raise was intended to delay an IPO, which is now unlikely to happen before 2018. Airbnb projected 2015 revenue of $900 million, up from $250 million in 2013. The company lost $150 million last year, but projected profitability by 2020 according to Futune.
Bloomberg reports that Airbnb has been restrained about how much capital it takes on compared with ride-sharing company Uber Technologies Inc., which has raised more than $15 billion in equity and debt. Airbnb and Uber are often discussed together because they were founded within a year of each other and have come to define the on-demand economy. Uber is valued at almost $68 billion.
Airbnb in June secured a $1 billion debt facility from JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp. and Morgan Stanley.Read more about: Airbnb, Brian Brian Chesky, Joe Gebbia, Nathan Blecharczyk