Airbnb has made ground in recent months by shedding its most troublesome hosts. But proposed laws like we're seeing in San Francisco that severely limit the housing stock available to the service can radically change the math that makes an IPO make sense.
Airbnb Inc., the Web startup that operates a short-term home rental service for travelers, said Chief Financial Officer Andrew Swain has left the company and no replacement has been named.
San Francisco-based Airbnb secured funding from investors including TPG Capital earlier this year, giving it a valuation of more than $10 billion. Swain had been at the company since July 2012.
Airbnb, founded in 2008, lets users rent out a couch, bedroom or house and makes money by charging a fee for each transaction. The company has listings in more than 34,000 cities, according to its website, and has raised financing from venture-capital firms including Sequoia Capital, Greylock Partners and Founders Fund.
Nick Papas, a spokesman for Airbnb, confirmed Swain had left by e-mail without commenting on the circumstances of his departure. Swain didn’t reply to an e-mail sent to his LinkedIn account.
Investors and analysts have speculated that Airbnb may go public. As startups approach a size where they may need to do an initial public offering, they sometimes recruit a new CFO. Twitter Inc., for example, appointed Mike Gupta, who had experience with Zynga Inc.’s IPO, to the role a year before the microblogging site listed its shares.
Before joining Airbnb, Swain was vice president of finance and new business at Intuit Inc., the software company. TechCrunch earlier reported Swain’s departure from Airbnb.
To contact the reporter on this story: Sarah Frier in San Francisco at firstname.lastname@example.org. To contact the editors responsible for this story: Cecile Daurat at email@example.com.
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Photo Credit: Airbnb's CFO no longer belongs at the company. Airbnb