Airbnb valued at $31bn

Airbnb, the home rental company, has raised $1bn (£822.1m) in a funding round which means that it is now valued at $31bn.

Airbnb valued at $31bn

The figures were revealed in a Securities and Exchange Commission document. However the company has not revealed how it plans to use the cash.

Airbnb, and other gig economy companies such as Uber, have come under greater scrutiny. Last year the state of New York ruled that it will impose fines on people who rent out their homes for fewer than 30 days.