AirBnB, which facilitates renting out a spare room to travellers, has managed to raise $112 million in funding, valuing the company at more than $1 billion.
The recent round of funding was led by Andreessen-Horowitz and had DST Global and General Catalyst as participants.
Andreessen-Horowitz partner Jeff Jordan said that as it was a growth investment, the venture capital firm won’t be taking board seats.
AirBnB, which was founded by Nathan Blecharczyk, Brian Chesky and Joe Gebbia in 2009, plans to use the money to expand globally.
The service, which allows people to rent out extra rooms to travellers, offers its services in 16,000 cities across 186 countries.
The service has already clocked 2 million room nights booked, and can offer more rooms than the biggest hotel in New York on any night of the week.
Jeff Jordan claims that the company is in a position similar to where eBay was during the auction website’s early years, and sees great potential fro the start-up to increase its business dramatically.
“They have opportunities to go much deeper in their current categories, broaden into new categories of spaces, and build out their global footprint. They are truly pioneering a new marketplace, where access to spaces is more valuable than ownership,” Jordan said.