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Airbnb Raises $1 Billion to Stockpile Cash in Pandemic

SAN FRANCISCO — Airbnb said on Monday that it had raised $1 billion in new funding as it grapples with devastation from the coronavirus pandemic, and as some technology start-ups take extra measures to stockpile cash during the outbreak.

The private equity giant Silver Lake and the investment firm Sixth Street Partners led the investment, which was a mixture of equity and debt. Airbnb, a home rental start-up that was previously valued at as much as $31 billion, also lowered its internal valuation to $26 billion last month, according to a person with knowledge of the situation who declined to be identified because the information was confidential.

“The new resources will support Airbnb’s ongoing work to invest over the long term in its community of hosts who share their homes and experiences,” the company said in a statement.

Airbnb’s business has been hobbled during a shutdown in global travel caused by the spread

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