Chinese sovereign wealth fund China Investment Corp (CIC) has invested $100m in US-based short-term accommodation platform Airbnb, China Money Network reported yesterday, citing local media.
CIC provided the funding as part of the $1bn series F round Airbnb closed last week. CapitalG, the growth equity arm of internet and technology conglomerate Alphabet, reportedly also invested in the round, as did Technology Crossover Ventures and 37 others.
Founded in 2008, Airbnb operates a peer-to-peer accommodation marketplace that lists more than 3 million rooms or homes online for short stays.
China is taking an ever increasing part of the international travel market and Airbnb is looking to take advantage. It is reportedly also looking to acquire China-based homesharing platform Xiaozhu to help it grow in the region.
The series F round valued Airbnb at $31bn and boosted its overall equity funding to about $3.4bn. Its other investors include Singaporean state investment firm Temasek and China-based backers Hillhouse Capital, China Broadband Capital and Horizon Ventures.
– For Global Government Venturing’s in-depth look at CICs investment, click here.