Airbnb has raised more than $1 billion at a valuation of about $31 billion, helping the home-rental company put off an initial public offering.
The San Francisco-based home-rental company disclosed the funding in a filing with the Securities and Exchange Commission.
The large fundraising round relieves some of the pressure to go public. Airbnb is the second-most valuable start-up in the U.S. behind Uber whose worth private investors have pegged at nearly $70 billion. A person familiar with the details who was not authorized to discuss them publicly said Airbnb has no plans to go public “anytime soon.”
Airbnb also turned a profit on an operating basis in the second half of 2016 and anticipates it will continue to be profitable before interest, tax, depreciation and amortization, the person said. Airbnb makes money by taking a 3% cut of each booking and a 6% to 12% service fee from guests.
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SOURCE: USA Today, Jessica Guynn