Airbnb Inc., and apartment-rental site, has reached an investment agreement with a group led by private-equity firm TPG for a funding round expected to total $450 million to $500 million. Also participating in the round are T. Rowe Price and Sequoia Capital, an earlier investor.
The conclusion of this round will bring Airbnb’s total value to approximately $10 billion, making it one of the world’s most valuable venture-backed companies.
Airbnb, which lets homeowners rent space to travelers, is poised to compete with major hotel chains.
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