Airbnb announced it has raised $1 billion to help see it through the coronavirus crisis.

In the middle of an economy-killing pandemic, embattled home-sharing service Airbnb has raised $1 billion in fresh capital (a combination of debt and equities) from private equity firms Silver Lake and Sixth Street Partners. About $5 million of the new investment will go toward a coronavirus “Superhost relief fund,” launched by Airbnb recently to help hosts deal with the economic impact from COVID-19. The company said its cofounders have personally contributed $9 million to the fund, while employees have donated $1 million. More importantly, investors are closely watching what the capital infusion means for Airbnb’s IPO, which is supposed to happen this year but has been left up in the air since the coronavirus outbreak. Bloomberg reported that Airbnb is considering pushing back the IPO plan to 2021, citing people familiar with the matter. That will be a problem for some of Airbnb’s employees, though, as they hold stock options that expire this year and will miss the chance to cash out if the IPO is delayed. Airbnb has yet to issue an update regarding its IPO timeline. Its latest public statement suggests that the company is focusing on surviving the pandemic in the short term in order to prosper in the long run. “The coronavirus outbreak is causing travel restrictions and other disruptions that have a direct impact on the travel and tourism sector and beyond,” Airbnb spokesman Nick Papas said in a statement last month.

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