Airbnb has raised $555 million in a new round of funding lead by Google Capital, the late-stage investing arm of Google parent company Alphabet, according to the Wall Street Journal.
The new round of funding could push Airbnb's valuation up to $30 billion, as Airbnb is hoping to reach $850 million in total funding for the round, according to our sister-site CNET.
Airbnb is among the most prominent startups of the sharing economy, allowing travelers to rent entire residences, whether a home or condo, from the owner for various periods of time.
Along with Google, TechnologyCrossover Ventures is said to have lead the round, giving Airbnb some big partners for the future. Airbnb filed a Form D with the Securities and Exchange Commission on Thursday with details, but declined to comment further.
The new funding would value Airbnb as the second most valuable private company behind Uber, recently valued at $68 billion. The Wall Street Journal reports the company is likely not to go public in 2017.
Airbnb has come under legal scrutiny in some states, including San Francisco and New York. A new influx of cash could help it fight those battles while continuing to eat at hotels' market share.