Airbnb Raises Over $100 Million in New Round of Funding

In its latest round of funding, Airbnb has raised over $100 million, the Wall Street Journal reported yesterday. The home-rental service made $340 million in revenue during the third quarter and expects revenue of $900 million this year.

While Airbnb has a small amount of market share compared to traditional hotels, only about 1%, it is nipping at the heels of both the hotel industry and the OTAs. A recent study by the Hotel Association of New York reported that Airbnb chalked up $451 in gross sales in New York alone through August 31.