Apartment-letting site Airbnb will get investment, endorsement and distribution from the publisher of Europe’s most-read newspaper.
Axel Springer, which publishes Bild and is led by CEO Mathias Döpfner, says it has made a “minor investment” in the site.
But it is also becoming a “strategic marketing partner”. It is pledging space for Airbnb’s listings in its web and newspaper properties. Its own Immonet real estate marketplace site has got an “exclusive” German partnership with Airbnb in Germany.
This appears to be one of those deals that is more about mutual working benefit than future returns.
But Axel Springer is prone to investments.
It may have had to stump up considerably for Airbnb nevertheless – last summer’s $112 million investment in Airbnb by Andreessen Horowitz, DST Global and General Catalyst reportedly valued the company at $1.3 billion.
But much of the value of the deal may be coming from Axel Springer pegging a monetary value against exposure it is committing the site, rather than straight VC money.