Airbnb raises $1bn investment in deal valuing firm at $31bn

Airbnb raises $1bn investment in deal valuing firm at $31bn

Accommodation sharing giant Airbnb has raised $1 billion of investment funding in a deal that values the firm at $31 billion.

The San Francisco-based firm disclosed the investment in a filing to the US Securities and Exchange Commission.

Airbnb declined to comment on how it would use the funding, but is expected to further expand its operations globally.

The company has grown rapidly since its launch in 2008, and currently operates in 65,000 cities worldwide.

The firm, which does not publish its sales figures, makes money by enabling homeowners to rent out their homes.

It takes a 3% cut of each booking and a 6% to 12% service charge from guests.

It made its first profit in the second half of last year, and will continue to be profitable this year on an underlying basis, according to reports.

In total Airbnb has raised more than $3 billion from investors and it is now the second most valuable start-up in the US after Uber, which is valued at about $70 billion, the BBC reported..

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