Airbnb turns to private equity to raise $1 billion
Airbnb has raised $1 billion in debt and equity from private equity firms Silver Lake and Sixth Street Partners, due to the COVID-19 pandemic which has triggered a wave of cancellations in the travel and hospitality industries. Terms of the deal were not disclosed. It is unclear how this funding might alter Airbnb’s previously shared plans to go public. In addition, Airbnb would direct $250 million to help hosts who have been impacted by COVID-19. The funds will be used to pay a host 25% of what they would normally receive through their cancellation policy if a guest cancels a reservation due to COVID-19 between March 14 and May 31.
Access the ArticleAirbnb turns to private equity to raise $1 billion
- On-location platform-determined routine work
- TechCrunch (Publisher)
- Open access