Airbnb partners China Broadband and Sequoia to expand in China

Bengaluru

ONLINE home-rental marketplace Airbnb Inc said on Tuesday that it was partnering investment firms China Broadband Capital and Sequoia China to expand into the Chinese market and find a chief executive for its operations in the country.

The company, which was recently reported to have completed a US$1.5 billion private funding round, said in a blog post that it was also working with a larger group of investors, including Horizon Ventures, GGV Capital and China-based Hillhouse Capital. Airbnb, which matches people wishing to rent out all or part of their homes to temporary guests, has grown quickly and is valued at more than US$20 billion.