RETIREMENT Fund Inc (KWAP) has crossed off Airbnb, an online marketplace for property rental, as its second potential investment in a global digital company after pumping in US$30 million (RM123.8 million) in Uber Technologies Inc.
“We did look at Airbnb but unfortunately, its funding requirement is so tight that we are not able to meet its timeline expectation. So, I think at this moment we are giving Airbnb a pass,” said KWAP chief executive officer Datuk Wan Kamaruzaman Wan Ahmad on the sidelines of Khazanah Megatrends Forum 2016 yesterday.
Last week, Airbnb reportedly raised US$555 million in new funding, with Google Capital and Technology Crossover Ventures as lead investors.
This valued the San Francisco-based company at US$30 billion, making it the second most valuable United States start-up after Uber.
Airbnb, which was founded in August 2008, is currently privately-owned.
KWAP also announced that it plans to increase investments in the non-traditional asset category from next year to 2020.
The company’s investment in ride-hailing app Uber is its first in the disruptive technology space.
Uber, which is valued at more than US$60 billion, started operations in Malaysia in 2013.
Wan Kamaruzaman said KWAP is always looking for new investment opportunities.
“We don’t discount any opportunities as long as they meet our criteria. One of the criteria is (companies that are) cash-flow positive and closer to an initial public offering, with a clear exit strategy and are mature,” he added.