Travel website start-up AirBNB is on the verge of receiving $100 million in funds from a round of funding led by venture capital firm Andreessen Horowitz.
This level of funding values the company at more than $1 billion, TechCrunch (opens in new tab)reports.
The recent round of funding is a lot higher than the first $7.2 million it raised in an effort led by Sequoia Capital, Greylock, SV Angel, Youniversity Ventures and Hollywood star Ashton Kutcher.
The website, which allows people to plan their entire travel plans, including flight tickets, reservations and car hires, is best known for letting people book rooms in other people's homes, has grown by 800 percent since last year. People have booked 1.6 million nights in other peoples homes using the service.
The website’s founder Brian Chesky claims that every day there are more people staying in New York City via AirBNB than even the largest hotels in New York.
“I think it's got a thousand rooms and it's the Marriott or the Hilton, around Times Square. And so we have five thousand rooms, we have thousands of people stay with us, we've had as many as, I do not know. Maybe at new year's eve we had five or ten thousand people just in New York staying on Airbnb and there is no hotel that can accomplish that,” said Chesky.