PHOTO: Airbnb starts 2017 with a bang. (photo via Flickr/Viaggio Routard)
Not everyone had a horrible 2016. Recent reports suggest last year was quite the profitable venture for Airbnb.
The service that allows you to kick up your feet in someone else’s home just cleared $1 billion in funding and simultaneously lays claim to a profitable 2016, via CNBC. The report also signaled something you already know: Airbnb is a massive travel mainstay.
According to its figures, CNBC states the home-sharing service now totals $31 billion in value.
Interestingly, this boon, coming thanks to $450 million raised in Series F funding, doesn’t yet have a specified purpose. As of this writing, Airbnb hasn’t yet divulged how it plans to utilize the funds. However, CNBC suggests this kind of fiscal infusion might be used to grow the brand globally.
READ MORE: Airbnb’s Most Popular Family Destinations
When it comes to brands, there is hardly a more prominent entity in the travel sphere.
The report states that Airbnb's brand recognition isn’t just a mirage. The company is nearly as massive as that other tech giant: “Airbnb was last reported to be raising cash at a $30 billion valuation, making it the second-most valuable start-up in the U.S., trailing only Uber.”
Recently, Airbnb extended its reach with a purchase of Luxury Retreats, an acquisition that demanded $300 million.This particular acquisition allows Airbnb to further its draw by offering a concierge service and the 4,000 properties that come with Luxury Retreats.
Just a few short years ago, the concept of staying in anywhere but a hotel for your vacation was foreign and uncomfortable to most travelers. Now, Airbnb is a viable option for many who look to go beyond the front desk and room service.