A group led by private equity firm TPG Capital Management LP has agreed to invest $450 million in Airbnb Inc, valuing the online home-rental marketplace at $10 billion, a source familiar with the matter told Reuters.
The source did not divulge the names of other investors.
The investor group also includes investment firm Dragoneer Investment Group, T. Rowe Price Group Inc and Sequoia Capital, the Wall Street Journal reported earlier. (r.reuters.com/sek68v)
Among the investors, TPG Growth, the private equity firm’s middle-market and growth-equity arm, and Dragoneer are expected to invest about $75 million each in Airbnb, and Sequoia is expected to invest about $85 million, the Journal said.
It was not clear from the story how much T. Rowe Price or any additional investors might put in.
Airbnb could not be immediately reached for comment. Dragoneer, Sequoia and T. Rowe Price Group were not immediately available for comment.
Reuters reported in March that Airbnb was in advanced talks with private equity firms including TPG to raise funds that could exceed $400 million.
Airbnb, whose website rental listings range from private rooms to manors and islands, has become one of Silicon Valley’s most successful start-ups in the five years since it was founded by a trio of graduates from the Rhode Island School of Design and Harvard.
(Reporting by Sagarika Jaisinghani and Devika Krishna Kumar in Bangalore; Editing by Eric Walsh)
Photo courtesy of Shutterstock.