Sonder, which rents serviced apartments akin to boutique hotels, has raised $225 million at a valuation north of $1 billion, the company announced this morning.

News of the round, which brings Sonder’s total raised to date to more than $400 million, follows an April report from The Wall Street Journal that the business was closing in on its unicorn round. Valor Equity, Westcap and Nicolas Pritzker via Tao Capital Partners have co-led the round with participation from Fidelity, Atreides Capital, ARod Corp, Spark Capital and Greenoaks Capital.

The Airbnb competitor says it tripled the number of rentable units in its online marketplace last year with more than 8,500 spaces in 20 cities around the world available today. San Francisco-based Sonder expects a $400 million revenue run

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