Published on : Friday, February 24, 2017
Airbnb chief executive Brian Chesky said that he wants to make it easier for groups of people to split the costs of Airbnb assisted rentals.
Prioir reports pegged the purchase price as in the $10-$20 million range, but those estimates reflected just one part of the broader deal. The final price, sources say, including employee retention packages, is closer to the $62.1 million that Tilt had previously raised from investors including Andreessen Horowitz and Felicis Ventures.
The deal came together through conversations between Beshara and Joe Zadeh, Airbnb’s VP of product, who has been looking to expand the company’s capabilities around group travel. The discussions grew more serious as Tilt started running out of cash.
Tilt says more than 500,000 groups completed trips and split bills via its system. The company stands out for being able to handle cross-currency payments, something that’s important to a company like Airbnb that is matching hosts and travellers internationally.