As widely speculated, Airbnb has reportedly closed a new round of fundraising that values the company at $10 billion.
Led by private equity firm TPG, the round of funding—yet to be confirmed by the San Francisco startup—is said to total $450 million, according to the Wall Street Journal, or $500 million, according to TechCrunch. Fast Company has reached out to Airbnb and will update this post when we hear back.
At $10 billion, Airbnb's valuation surpasses that of established hotel brands, including Wyndham and Hyatt. As the company looks ahead, it's aiming to build itself into a global hospitality brand providing end-to-end experiences for travelers. "Our business isn't [renting] the house—our business is the entire trip," CEO Brian Chesky recently told Fast Company.