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Airbnb gets US$1 bil investment for post-virus recovery

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Silver Lake, Sixth Street Partners will invest the money in the form of debt and equity. FMTNews Airbnb

SAN FRANCISCO: Airbnb on Monday announced it was taking a billion dollars in new investment to endure and, it hopes, thrive in a travel world transformed by the coronavirus pandemic.

“While the current environment is clearly a difficult one for the hospitality industry, the desire to travel and have authentic experiences is fundamental and enduring,” Silver Lake managing partner Egon Durban said in a release. The fresh resources will enable the San Francisco-based company to invest in its community of “hosts” as well as local experiences provided along with stays in homes, according to Airbnb co-founder and chief Brian Chesky.

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