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.
[New York Times]