AirBnB Clinches $1 Billion in Latest Funding Round

AirBnB has managed to raise over $1 billion investment in its latest funding round, according to sources, which was later confirmed via a filing to the U.S. SEC.

The company managed to raise roughly an additional $450 million as part of its series of funding rounds, making the round almost double its original value during the last fall. According to the filing, the total amount came in at $1, 003, 312, 065.

Since its establishment in 2008, AirBnB has raised over $3 billion. The company was last reported to be raising investment fund at around $30 billion valuation. The most recent funding round brings the company's total valuation to around $31 billion.

AirBnB also swung to profit during the second quarter of 2016, according to sources. The company expects to continue being profitable this year.

Sources also reported that the home-sharing start-up firm has no plans to offer its shares on the stock market in the short-term.

The firm did not provide details on how it would utilize the raised money, but it is seen to further grow its operations globally.

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