Airbnb Raises $7.2 Million In Series A
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Airbnb is a service that creates a marketplace between travelers with local people. Some of the services sold between the two groups include room rentals. Airbnb recently launched an iPhone application and raised $7.2 million in Series A funding led by Sequoia Capital and Greylock Partners. The company raised $600,000 in angel funding before that.
Airbnb started in 2008 and makes money by charging a booking fee. “We started by renting out spare rooms in our apartment, but it’s grown to entire apartments, homes, castles, boats, even private islands,” stated Airbnbn co-founder Joe Gebbia. The funding will go towards operations expansion and hiring additional talent. “We’re seeing a big explosion in Asia and South America,” added Gebbia.