• Airbnb announced on Monday it has raised $1 billion to help see it through the coronavirus crisis.
  • Bloomberg reports the company is looking to raise a further $500 million to $1 billion.
  • Airbnb's business has taken a pummelling due to the coronavirus crises decimating its business, just as the firm was planning to go public.
  • Visit Business Insider's homepage for more stories.

Airbnb is looking to raise another $1 billion to weather the coronavirus, Bloomberg reports.

Airbnb announced on Monday it has raised $1 billion from investors Silver Lake and Sixth Street Partners to help see it through the coronavirus crisis.

According to Bloomberg, the company is still on the hunt for further investment and has held talks of raising a further $500 million to $1 billion. The company is reportedly weighing up different types of debt, from first-lien debt to convertible notes.

The idea behind the extra cash injection would be to give Airbnb a safety net while the coronavirus decimates its business, and to allow it to make potential acquisitions.

Bloomberg's sources also said the interest rate on Airbnb's initial $1 billion raise is between 11% and 12%, confirming a Wall Street Journal report that the latest raise came with an interest rate of over 10%.

Airbnb was not immediately available to comment on Bloomberg's report when contacted by Business Insider. 

The coronavirus crisis has come at a particularly delicate time for Aribnb. The company was planning to go public in March or April of this year. Some 90% of reservations with check-in dates between March 18 and April 7 have been canceled according to industry research firm AirDNA.

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Axel Springer, Insider Inc.'s parent company, is an investor in Airbnb.

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