LinkedIn Makin’ Moves; Raises $53 Million & Now Valuated At A Billion
“If LinkedIn is able to achieve its goals and objectives in the coming years, this valuation of a billion dollars will be looked upon as very cheap,” stated Mark Kvamme, Sequoia Capital partner/LinkedIn Board of Director.
LinkedIn is making some Facebook-like moves.Â LinkedIn has a fraction of the features of many other social networks, but apparently the “professional” card works.Â Bain Capital Ventures, Sequoia Capital, Greylock Partners and Bessemer Venture Partners have combined their investments and gave LinkedIn a $53 million round of funding.Â This gives LinkedIn a valuation at $1 billion.
What does the investors get in return?Â Between the 5 companies, they received a combined 5% equity in LinkedIn.Â Some of the investors have joined LinkedIn’s Board ofDirectors as well.Â Earlier this year, Microsoft invested $240 million in Facebook for 1.6% equity.Â Other valuations in LinkedIn’s sector include Ning at $500 million, FacebookÂ at $15 billion, RockYouÂ at $200-$300 million, and MySpace acquired for $580 million.
LinkedIn has about 23 million users in 150 countries.Â LinkedIn is aiming for $100 million in revenue this year.Â LinkedIn has raised $80 million in funding so far.Â Although analysts are guessing News Corp. or Microsoft may make a bid for LinkedIn, but Reid Hoffman, co-founder of LinkedIn stated that he preferred to remain independent.
 AP via Wired]