Airbnb is raising new funds at a $30bn valuation
Airbnb is said to be seeking further funding at a $30bn valuation, which is three times more than its valuation just two years ago, and would make the home-sharing platform twice as valuable as hotel rival, Marriott International. Furthermore, if completed, the round will make Airbnb the third-most valuable tech start-up in the world, coming after Uber and Xiaomi. Sources told The New York Times that the firm plans to use the financing to expand globally, from its current two million listings in 200 countries.

Funding may very well may be cooling down in Silicon Valley, but the big-name start-ups pushing for global expansion are having no problem finding new money. Look no further than Airbnb, which raised another $1 billion in debt financing earlier this month. Now, the online apartment-rental marketplace is in talks to raise another monster round of funding that would push its valuation up from $25.5 billion to $30 billion, The New York Times reports—three times more than its valuation just two years ago. A $30 billion valuation would make Airbnb the second-most valuable private, venture-backed tech start-up in the world after Uber.

The new funding will be used to increase Airbnb’s international footprint, sources tell the Times. In addition, Airbnb is playing around with the idea of additional services besides lodging booking, like restaurant reservations, that would allow it to create additional revenue streams. Unlike Uber, with which it is often lumped together as an example of the so-called “sharing economy,” Airbnb is said to be burning through much less cash to gain ground. And unlike Uber, Airbnb’s only real rival is the industry it i seeking to replace: hotels. Earlier this month, Bloomberg reported that Airbnb lost less than $250 million since its launch in 2008, whereas Uber is burning through cash as it spends money to acquire customers and expand its global footprint.

While Airbnb isn’t having any trouble raising money, the start-up still faces local obstacles on the road to global domination. On Monday, Airbnb filed a lawsuit against its hometown of San Francisco, which recently passed a law requiring anyone who wants to rent out their home on Airbnb or similar platforms to register their property with the city of San Francisco. The law, which Airbnb helped draft and which let Airbnb operate in the city, was known as the “Airbnb law.” Now, the start-up is suing over whether it should have to help enforce that law. The San Francisco Board of Supervisors ruled unanimously earlier this month that for each listing on its platform that’s not registered, Airbnb would be fined $1,000 per day under the new rule, which is slated to take effect next month. Airbnb is arguing that the restrictive regulations are a violation of Airbnb’s free-speech rights. “While we are not always perfect, we have constantly sought to learn, get better, and work with the City,” Airbnb said in a blog post. “There is a need for policies that protect San Francisco’s housing stock and ensure the collection of hotel taxes but also enable residents who depend on Airbnb to make ends meet.”