Airbnb has raised $1B in debt and equity and will focus more on longer-term stays, the short-term rental company said Monday.

Investment companies Silver Lake and Sixth Street Partners have committed the funding as Airbnb continues to take a hit in a travel industry that has been leveled by the coronavirus pandemic.

Like the traditional hotel sector, Airbnb and the rest of the short-term rental industry have faced an unprecedented rise in cancellations and drop in stays. The beginning of April brought an Airbnb cancellation rate of 90%, AirDNA founder Scott Shatford told Bisnow last week.

Airbnb's plans to go public this year were revisited by its board of directors in March. At that meeting, the San Francisco-based company's board discussed raising money from private investors, Bloomberg reported at the time.

Airbnb is also freezing hiring and marketing in efforts to cut costs, The Information reported late last month.

This week, Airbnb co-founder and CEO Brian Chesky said its new funding will go toward investing in its community of hosts, longer-term stays and the company's Airbnb Experiences offerings.

"The desire to connect and travel is an enduring human truth that’s only been reinforced during our time apart," Chesky said in a statement. "But the way this manifests will evolve as the world changes.

"We’ll see a new flexibility in how people live and work, which means they won’t have to be tethered to one location. And with an emerging interest in travel that’s closer to home, our customers will look to nearby places to visit, and for local experiences to take part in.

"In response, we see the future of Airbnb as focused on three core products."

Airbnb declined to comment on its plans to go public this year.

Airbnb's marketplace of rentals includes over 7 million listings, 100,000 cities and 220 countries and regions. It has offices in 34 cities around the globe and has been valued at $31B. It was founded in 2008.