Airbnb raises fresh funding

SAN FRANCISCO Airbnb raised more than a billion dollars in a fresh funding round that valued the home-sharing startup at USD31 billion, a source close to the company told AFP Thursday.

Airbnb added USD448 million to the USD555 million in funding it took in last year, according to a filing 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 amortisation, according to the source.

The new funding valued the company at USD31 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 USD3 billion since being founded in 2008.

The startup late last year expanded beyond home sharing services to letting travellers 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.

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