Home-sharing company Airbnb Inc. is raising money at a $30 billion valuation, a person familiar with the matter said.

The company recently raised $1 billion in debt. This latest round is equity to support new investments and growth opportunities, the person said. Airbnb had previously raised money at a $25.5 billion valuation. The New York Times reported the company’s new fund-raising push earlier.

Airbnb has grown rapidly since its founding in 2008. It is already the second most-valuable private startup in the San Francisco Bay Area, behind Uber Technologies Inc.’s nearly $68 billion valuation. Airbnb spends far less money than its competitor, shelling out about $250 million over its lifetime, a person familiar with the matter told Bloomberg earlier this month.

Airbnb has faced continued legal and regulatory trouble though. The company filed to sue the city of San Francisco on Monday over rules that would require Airbnb to kick certain hosts off of its home-sharing service.

©2016 Bloomberg L.P.

This article was written by Eric Newcomer from Bloomberg and was legally licensed through the NewsCred publisher network.

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Photo Credit: Airbnb employees dancing at last year's Airbnb Open event in Paris, France. Skift