• Sonder said it has closed a $210 million Series D funding round. This brings the firm’s total valuation north of $1 billion, with $400 million raised.
  • Airbnb’s former CFO, Laurence Tosi, is joining Sonder’s board. Tosi left Airbnb in 2018 after reports of internal clashes with CEO Brian Chesky.
  • The company said it quadrupled its rentable space since last year and is projecting $400 million in revenue this year, up four-fold from 2018.
  • Visit Business Insider’s homepage for more stories.

Short-term apartment rental company Sonder said on Thursday it closed a $210 million Series D funding round that brought its valuation north of $1 billion.

Fundraising now totals $400 million, and the latest round was led by new investors Valor Equity Partners, Westcap, and Tao Capital Partners, which is co-founded by Nicholas Pritzker, whose family built the Hyatt hotel chain. Fidelity Investments, Atreides Capital, ARod Corp, Spark Capital and Greenoaks Capital also participated.

Sonder said it now has 8,500 rentable spaces in 20 cities, up from 2,200 in August 2018 in 12 cities.

Read more: The first-ever investor pitch deck for $31 billion startup Airbnb’ which has raised over $3 billion and is nearing an IPO

The company also announced a forthcoming $15 million investment with select developers who will work with Sonder on new deals in undisclosed cities. Sonder is projecting $400 million in revenue for 2019, four times its 2018 figures.

Sonder offers apartment-style hotel rentals, and usually purchases units directly from building owners or developers, but will also lease properties. It is the leader in this hybrid space, with competitors like Airbnb-funded Lyric and Marriott’s Homemaker.

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Airbnb has meanwhile started allowing users to book hotels, and bought HotelTonight earlier this year.

Sonder will also be adding WestCap founder and former Airbnb CFO, Laurence Tosi, to its board. Tosi left Airbnb in 2018 after reports of internal clashes with CEO Brian Chesky.

Read more: Airbnb just hired an aviation veteran to its C-suite – and a brand expert says this signals Airbnb is going to start offering you bundled travel packages

Airbnb, now 11 years old, is contemplating an IPO, though the timing is uncertain.The company is valued around $31 billion, but has faced legal issues related to local rules around short-term rentals.

Earlier this year, multiple New York real estate companies were sued for $21 million for violating a city law that forbids short-term rentals of most apartments for less than 30 days.

Sonder has been able to zone some of their rentals as hotels so that they can provide legal short-term rentals, The Real Deal reported.

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