Airbnb has signed a sponsorship deal with the International Olympic Committee (IOC) ahead of its Initial Public offering (IPO) that is scheduled for 2020.
According to Forbes, the deal is reportedly worth $500 Million.
With this move, the firm hopes to promote its brand to new hosts and customers.
The sponsorship caters for the next five Olympics starting with next year’s in Tokyo, Beijing in 2022, Paris in 2024, Milan in 2026 and Los Angeles in 2028.
Additionally, it covers a substantial payment to the IOC and also takes into account the cost of services that Airbnb will provide. These includes free accommodation to athletes and executives.
Other IOC partners include Coca Cola, Alibaba, Atos, Bridgestone, Dow, GE, Intel, Omega, Panasonic, P&G, Samsung, Toyota and Visa.
Airbnb is an online marketplace for arranging or offering lodging, primarily homestays, or tourism experiences. The company does not own any of the real estate listings, nor does it host events; it acts as a broker, receiving commissions from each booking. The company is based in San Francisco, California, United States.