News: Company is planning to expand overseas.
Home rental service Airbnb has confirmed that it has raised $1.5bn in funding through a filing with the US Securities and Exchange Commission.
The funding has pushed the valuation of the company to a reported $25.5bn and the company is expected to use the funding to expand its business overseas.
The latest announcement has made Airbnb one of the most valued companies after Uber which is valued at $62.5bn and Xiaomi at $45bn.
The reports about the $1.5bn funding first reported by Wall Street Journal in June citing sources familiar with the matter.
Back then the news site claimed that Morgan Stanley served as adviser for the funding, and private-equity firm General Atlantic led the round, while investors including Hillhouse Capital Group of China and investment firm Tiger Global Management participated.
The service has more than 1.4 million listings of rooms, apartments, houses in some of the world’s exotic locations for rent.
The company makes revenue by taking a 3% share of each booking on its website, and it charges a 6% to 12% service fee from guests.