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Airbnb in Talks to Lead Property Startup’s $75 Million Fundraising

Airbnb is expected to lead a group of investors that would put about $75 million into Lyric, a startup that turns new apartment buildings into hotel-like properties for business travelers, people familiar with the matter said. The anticipated investment would be one of Airbnb’s most significant bets on professionally managed rentals.

Lyric is one of a number of venture-backed property managers that leases apartment units or entire floors of new buildings, cleans them and rents them out on Airbnb and rival sites HomeAway and Booking.com. By investing in Lyric, Airbnb could get exclusive rights to rent properties managed by Lyric, although the matter isn’t settled, one of the people said.

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