Airbnb Seeks Funds Valuing it at $30 Billion

Airbnb Seeks Funds Valuing it at $30 Billion
Image credit: Reuters | Yuya Shino

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This story originally appeared on Reuters

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

Airbnb intends to use the financing to support new investments and growth opportunities, the source added.

The first reported the news on Tuesday.

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

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

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

(Reporting by Anya George Tharakan in Bengaluru; Editing by Savio D'Souza)

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