The business design has netted them five million bookings in 192 countries since Airbnb’s founding in 2007. Along with their unconventional business design, the team makeup itself raised a fair number of eyebrows when they began pitching the concept to investors. With no business- or investment-oriented experience among them, investors were wary of doing businesses with the Airbnb team. Such wariness almost killed the company in 2008, when Airbnb found themselves saddled with $20,000 in credit card debt and no investors; but thanks to a gamble with a pair of election-inspired cereals they were able to attract investors and turn their luck around.
Today, Airbnb has no problem raising funds for its continued expansion. Currently valued at more than $1.3 billion, Airbnb recently raised more than $112 million in funding from three venture capitalist firms. They plan on expanding their base of operations by adding more offices across the globe and refining the services already offered. And the two-designers background which hindered the company in its beginning stages has become an asset; even their meticulously-designed annual reports get rave reviews. Although Airbnb now faces a marketplace increasingly crowded with me-too competitors, they set themselves apart by continual innovation and a sheen of well-considered professionalism. Investors that passed on the concept in 2007 are kicking themselves now.