The valuation of the online travel company Airbnb has jumped to a record $80 million after a valuation bump of nearly $40 million, according to a report from Reuters.
The company had previously reported a valuation of $60 million and was valued at about $50 million by investors in January.
The increase in valuation comes after the company raised $100 million in venture capital earlier this year.
Airbnb has more than 200 million registered users and has expanded to over 30 countries and has built a reputation for offering cheap housing and easy travel.
However, the company has struggled to keep pace with rising home prices, especially in the U.S. and Europe, where its users increasingly find their homes priced out of reach.
The stock fell 2 percent to $68.75 in afternoon trading on the New York Stock Exchange.
The valuation also includes $25 million in cash that was acquired by Airbnb in the spring of 2015.
Airbnb, which was founded in 2006 by three University of California, Berkeley, grad students, is now valued at more than $600 million.
Airbnb stock closed at $69.70 on Friday.