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Home and apartment rental startup Airbnb has just raised $555 million in a new round of funding, confirming rumors the company was seeking to raise a total of $850 million in equity funding and boosting its valuation to roughly $30 billion.

Bloomberg was the first to report the new funding last month, while Fortune and The Wall Street Journal broke the news on Thursday. The San Francisco-based company is expected to file an SEC “Form D” document describing the funding later today.

According to Fortune, “Sources say that Airbnb already had plenty of cash on hand, but views the new money as ‘insurance’ in case of new capital requirements or an even longer wait for an IPO.” For more information on Airbnb’s potential IPO, check out the Zacks article “Airbnb Could Be the Biggest IPO of 2017.”

And the WSJ also reported that Google Capital, a division of Alphabet Inc. (GOOGL - Analyst Report) , as well as investment firm Technology Crossover Ventures, co-led Airbnb’s latest funding round. Both are new investors in the tech start-up.

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