Airbnb, the online service that enables people to let out their houses to others for holiday accommodation, has closed a $500m funding round led by TPG Growth, the early-stage investment arm of private equity firm TPG, according to TechCrunch.
The round, which valued US-based Airbnb at $10bn, also featured Dragoneer Investment Group, Sequoia Capital and T. Rowe Price. The Wall Street Journal however has stated that the round, which has not yet been officially announced, was actually sized at $450m with the same overall valuation.
Airbnb previously secured $200m in 2012 from Founders Fund, which reportedly invested up to $150m, Sequoia and CrunchFund. It also raised $117m in a round initiated in 2011 featuring investment firm Digital Sky Technologies, General Catalyst and Andreessen Horowitz.
The company has reportedly raised more than $825m since it was founded in 2008. Its revenues for 2013 effectively doubled to about $250m, according to WSJ, but it is not known where Airbnb intends to invest the cash.