62799703 - tokyo, japan - june 5, 2016: apple iphone 6s with airbnb website on the screen.airbnb is a website for people to list, find,and rent lodging.airbnb an online platform for accommodation

AIRBNB RAISES $1BN OF INVESTMENT FUNDING TO FUEL GLOBAL EXPANSION

Home rental company AirBnB has raised $1bn (£821m) of investment funding in a deal that values the firm at $31bn.

The San Francisco-based firm disclosed the investment in a filing to the US Securities and Exchange Commission. AirBnB did not comment on how it would use the funding, but is expected to expand its operations globally.

It has grown rapidly since its launch in 2008, and currently operates in 65,000 cities worldwide.

The firm, which does not publish its sales figures, makes its money by enabling homeowners to rent out their homes.

AirBnB has been diversifying and recently began offering users new services, such as tailor-made city tours and exclusive experiences with local experts.

However, it has also faced criticism over claims it is driving up rents and contributing to housing shortages in some cities.

In December, under pressure from MPs, the firm said it would block hosts in London from renting out homes for more than 90 days a year without official consent. It is also facing tougher regulations in New York, Berlin and Barcelona.