Airbnb CEO’s ‘gutsy’ startup wins $1.3M in IPO
Airbnb CEO and co-founder Jeremy Stoppelman, along with other investors, took a $1 million cash payment on Friday, becoming the latest tech company to become the subject of a $5 billion valuation.
The deal is valued at about $6 billion, making it the largest in Airbnb’s history.
Stoppeman and his co-founders made the announcement in a press release, saying they’re thrilled to “join forces with investors that believe in our company’s vision and vision for the future.”
The deal gives Stoppelers company a valuation of $6.7 billion, the most of any startup.
It was reported earlier this month that Stoppels company had raised $1 billion.
Stinnelman, who previously worked at Apple, is known for pushing for more diversity in tech leadership.
He previously led Facebook, where he oversaw the design of the company’s photo-sharing app, Instagram.
Airbnb, which was founded in 2011, has grown to become a $60 billion business.
The company has raised $2.8 billion in funding, according to data compiled by Bloomberg.
Airbnb is also a major contributor to the $25 billion startup fund.
Stupelman and his team built the company around the idea that Airbnb would create a marketplace for home rentals.
The service would let people rent out their homes online, or pay for a trip to one that is nearby.
The startup’s goal is to connect homeowners to the rental market and make it more accessible.
Airbnb’s valuation was announced in June after Stoppeland had already joined Facebook.
Stuppelers departure from Airbnb was one of the reasons why Airbnb had a difficult start to the IPO, according a source familiar with the matter.
In a post on its website, Airbnb said Stoppals departure left it with no choice but to turn to investors to fund the company.
Airbnb also said that it would pay out more than $2 million to investors, in the form of cash.
The fund is comprised of companies with an annual valuation of at least $5 million, which are considered large enough to qualify for a $10 million investment.
The other major investor in Airbnb, venture capitalist Yuri Milner, also gave a $2 billion investment.
Stummelers new venture, AirBnB, has raised about $1,000,000 in venture capital funding, the Wall Street Journal reported.
Airbnb and AirBnb were also in the running for a partnership with Google, a partnership that ended in 2018, according the Journal.
Stumpelers former job at Facebook was a result of a meeting with Google co-CEO Sundar Pichai and the two men decided to team up to help build a home sharing app, according Toi.
Pichai said in an interview with The Associated Press last year that he was excited about a partnership between Airbnb and Google.
“We have a lot of common ground in terms of who we want to work with, but I think it’s something that we can build on and really make an impact on the future of how people are connecting in the real world,” Pichais said.
Stoffelers startup also has a lot going for it, including a strong customer base.
According to data from the firm, Airbnb has a total of 4.8 million active members, with a monthly active user base of around 745,000 people.