Airbnb, the company that connected web surfing to couch surfing, is in the process of raising $400 million to $500 million, a round that would value the company at around $10 billion, according to a report.
The Wall Street Journal cites "people familiar with the process" who say private equity firm TPG is leading the round. Reps from Airbnb could not be reached for comment.
At $10 billion, Airbnb would be worth more than some large hotel companies, including Wyndham Worldwide and Hyatt Hotels.
Founded in 2008 by Brian Chesky and Joe Gebbia, Airbnb now has more than 600,000 listings from people who want to rent out their homes, rooms or couches to strangers for money. Airbnb receives a portion of those fees.
The company's growth has come despite various customer service-related disasters. In July 2011, renters trashed an apartment owned by "EJ," a San Francisco-based executive. This week, a New York-based comedian rented out his apartment to a man who used it to advertise an "XXX Freak Fest." After the 2011 incident, Airbnb launched a Trust & Safety Center and issued a $1,000,000 retroactive insurance guarantee to protect hosts from property damage caused by Airbnb guests.
Airbnb was valued at $2.5 billion last July.
source:mashable
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