Airbnb has raised $1 billion as it navigates the impact of coronavirus on its business.
The company announced the deal in a blog post on Monday, writing that the "new resources will support Airbnb’s ongoing work to invest over the long term in its community of hosts."
Silver Lake and Sixth Street Partners provided the $1 billion, which is a mix of debt and equity.
“First off, I want to thank Silver Lake and Sixth Street for their incredible partnership and support. They have a well-earned track record for being insightful thought partners who always have a strong sense of where the world is going," said Airbnb CEO Brian Chesky in a statement.
Along with many other hospitality-oriented businesses, Airbnb has suffered a blow from widespread travel restrictions and shelter-in-place orders underway around the world.
Last week, the company instituted a number of measures to preserve its cash reserved, including a hiring freeze, executive pay cuts and suspending marketing expenditures.
Airbnb had originally sought to go public sometime this year, but it's unknown whether those plans will go forward.
The company reportedly lowered its internal valuation to $26 billion. Airbnb had been expected to go public at a valuation as high as $42 billion.
Airbnb's investors commented with confidence about the company's long-term prospects, despite the current difficult period.
"While the current environment is clearly a difficult one for the hospitality industry, the desire to travel and have authentic experiences is fundamental and enduring," said Silver Lake co-CEO Egon Durban."Airbnb’s diverse, global, and resilient business model is particularly well suited to prosper as the world inevitably recovers and we all get back out to experience it.”