Airbnb

Airbnb, Inc. is an American San Francisco-based company operating an online marketplace for short- and long-term homestays and experiences, founded in 2008.

#163

Rank

$86.36B

MarketCap US

US United States

Country

Summary

Airbnb, Inc. is an American San Francisco-based company operating an online marketplace for short- and long-term homestays and experiences. The company acts as a broker and charges a commission from each booking. 

The company was founded in 2008 by Brian Chesky, Nathan Blecharczyk, and Joe Gebbia. Airbnb is a shortened version of its original name, AirBedandBreakfast.com. The company is credited with revolutionizing the tourism industry.

With 4,500,000 listings in over 65,000 cities in 191 countries, the company offers the widest variety of unique spaces for everyone, at any price point around the globe. The company is currently headquartered in San Francisco, California.


History

In October 2007, Brian and Joe hosted Airbed & Breakfast's first guests. In February 2008, Nathan Blecharczyk, Chesky's former roommate, joined as the Chief Technology Officer and the third co-founder of the new venture, which they named AirBed & Breakfast. 

The site Airbedandbreakfast.com officially launched on August 11, 2008. The founders had their first customers in town in the summer of 2008, during the Industrial Design Conference held by Industrial Designers Society of America, where travelers had a hard time finding lodging in the city.

In November 2010, it raised $7.2 million in financing from Greylock Partners and Sequoia Capital in a Series A round, and announced that out of 700,000 nights booked, 80% had occurred in the previous six months.

At the March 2011 South by Southwest conference, Airbnb won the "app" award. On May 31, 2011, Airbnb acquired Accoleo, a German competitor. In July 2011, it raised $112 million in financing led by Andreessen Horowitz. In October 2011, Airbnb established an office in London, its first international office. When in the summer of 2011 a host’s home was trashed and ransacked by her Airbnb guests, the company quickly admitted their failings and set up a coverage policy to help protect hosts in case guests damage property or steal possessions during their stay.

In December 2012, Airbnb announced the acquisition of Localmind, a location-based question and answer platform. While Airbnb’s “Host Guarantee” initially covered $500,000 worth of property damage and theft, it was doubled in 2012 to one million dollars.

In September 2013, the company announced that it would establish its European headquarters in Dublin. In 2013 the company faced its first legal battle when city laws made it illegal for hosts to rent out their rooms to others, inciting a year-long legal battle between the state of New York and Airbnb.

In April 2014, the company closed on an investment of $450 million by TPG Capital, with the company value estimated to be approximately $10 billion. In July 2014, Airbnb revealed design revisions to the site and mobile app and introduced a new logo.

In April 2015, following the Obama administration's easing of restrictions on United States businesses to operate in Cuba, Airbnb expanded to Cuba, making it one of the first United States companies to do so. In June 2015, Airbnb raised $1.5 billion in Series E funding led by General Atlantic, and joined by Hillhouse Capital Group, Tiger Management, Kleiner Perkins Caufield & Byers, GGV Capital, China Broadband Capital, and Horizons Ventures. In-platform rating and review systems, personal profiles, and Airbnb’s Host Protection Insurance combine to build “trust within the community of users and lowers transaction costs”, as well as enhancing the reputation of individual Airbnb community members.

In September 2016, Airbnb raised $555.5 million in funding from Google Capital and Technology Crossover Ventures, valuing the company at $30 billion. 

In February 2017, Airbnb acquired Tilt.com, a social payment startup. In March 2017, Airbnb raised $1 billion in funding, bringing total funding raised to more than $3 billion and valuing the company at $31 billion.

In February 2018, the company announced Airbnb Plus, a collection of homes that have been vetted for quality of services, comfort and design, as well as Beyond by Airbnb, which offers luxury vacation rentals. Regulations for short-term rentals in Vancouver were put in place in 2018, creating a framework for homeowners to legally participate in the sharing economy with home sharing sites such as Airbnb, Booking.com and Homeaway. 

On April 23rd of 2019, the mayor of London, Sadiq Khan, called for improved regulation of short-term rentals for the city of London. 

On March 30, 2020, CEO and Head of Community Brian Chesky penned a letter to hosts, pledging $250 million in payouts to host to compensate them for guest cancellations due to the pandemic. In April 2020, due in part to the decline in business from the pandemic, Airbnb raised $1 billion in equity from private equity firms Silver Lake and Sixth Street Partners at an $18 billion valuation and $1 billion in debt at interest rates of 9%-11.5%. Airbnb announced it plans to go public in 2020.


Mission

The mission of Airbnb is to create a world where anyone can belong anywhere. As a global online marketplace, Airbnb connects individuals who have space to rent with travelers seeking unique and authentic accommodations. By facilitating the sharing economy, Airbnb aims to provide people with the opportunity to experience the world in a more personalized and meaningful way.

Airbnb's mission extends beyond travel and accommodations. The company is committed to promoting sustainability and responsible travel practices. They encourage hosts and guests to be mindful of their environmental impact and support initiatives that contribute to local communities. Through their social impact initiatives, such as Airbnb.org, they aim to provide temporary housing and support in times of crisis and need.


Vision

Airbnb's vision is to create a world where people can experience a sense of belonging anywhere they go. They envision a future where individuals can travel and stay in a way that is authentic, personalized, and connected to the local communities they visit. By harnessing the power of technology and the sharing economy, Airbnb aims to transform the way people travel, fostering a global community built on trust, inclusion, and cultural exchange.

Airbnb's vision is to create a world where travel is not just about visiting a place, but about creating meaningful connections, expanding horizons, and embracing the richness of human diversity. They envision a future where people can explore the world with a sense of belonging, curiosity, and respect, leaving a positive impact on both travelers and the communities they engage with.


Key Team

Brian Chesky (Co-Founder and Chief Executive Officer)

Nathan Blecharczyk (Co-Founder and Chief Strategy Officer)

Joe Gebbia (Co-Founder and Chairman)

Dave Stephensen (Chief Financial Officer, Head of Employee Experience)

Richard Baer (Chief Legal Officer)

Ari Balogh (Chief Technology Officer)

Catherine Powell (Global Head of Hosting)

Tara Bunch (Global Head of Operations)


Recognition and Awards
Airbnb was named one of Fast Company's "Most Innovative Companies" multiple times. The company also received accolades for its commitment to sustainability and social impact. The company was included in Fortune's "Change the World" list, which recognizes organizations that are making a positive social impact through their business practices. Airbnb's initiatives, such as promoting sustainable travel and supporting local communities, have been commended for their contribution to responsible tourism. Airbnb also received recognition for its design and user experience. The company has been honored with prestigious awards like the Red Dot Design Award and the Webby Awards for its intuitive and visually appealing platform. It was also acknowledged for its contribution to the sharing economy and the democratization of travel. The company has been featured on lists such as TIME's "100 Most Influential Companies" and Forbes' "World's Most Valuable Brands".

Products and Services

Airbnb offers a range of products and services designed to facilitate unique and personalized travel experiences for individuals around the world. The core product of Airbnb is its online platform, which allows hosts to list their properties, and travelers to search and book accommodations that suit their needs and preferences. The platform offers a diverse range of options, including entire homes, apartments, private rooms, and even unique properties like castles, treehouses, and yurts. This wide selection provides travelers with the flexibility to choose accommodations that align with their travel style and budget.

In addition to accommodations, Airbnb also offers various services to enhance the overall travel experience. One such service is Airbnb Experiences, which allows hosts to offer guided tours, activities, and immersive cultural experiences to travelers. These experiences range from cooking classes and photography tours to hiking adventures and art workshops, providing travelers with opportunities to connect with local hosts and communities in meaningful ways.

Airbnb provides tools and resources for both hosts and guests to ensure smooth and secure transactions. Hosts can access features like calendar management, messaging tools, and pricing suggestions to optimize their listings and communicate with potential guests. Guests benefit from a review system, secure payment options, and a customer support team that is available 24/7 to assist with any inquiries or issues.


References
Airbnb
Leadership team

Brian Chesky (Co-Founder and Chief Executive Officer)

Nathan Blecharczyk (Co-Founder and Chief Strategy Officer)

Joe Gebbia (Co-Founder and Chairman)

Dave Stephensen (Chief Financial Officer, Head of Employee Experience)

Products/ Services
Lodging, hospitality, homestay
Number of Employees
1,000 - 20,000
Headquarters
San Francisco,California,U.S.
Established
2008
Company Registration
SEC CIK number: 0001559720
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
ABNB
Social Media
Thu Apr 25 2024
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