LivingSocial Raises $400 Million
Less than four months ago LivingSocial raised $175 million from Amazon.com and now they have raised an additional $400 million. The investors in this round include Amazon.com, Lightspeed Venture Partners, T. Rowe Price, and Institutional Venture Partners (IVP). This puts LivingSocial at a $3 billion valuation.
“The investment is certainly a milestone in the company’s evolution,” stated LivingSocial CEO Tim O’Shaughnessy, who declined to talk specifically about the valuation. “But it’s just that — a milestone, not the end game.” LivingSocial has launched a new mobile service called LivingSocial Instant that delivers time-sensitive discounts for people on the go. However this feature is only available in Washington D.C.
LivingSocial also launched a new service called Escapes, which is intended for travel deals. LivingSocial has sold 200,000 hotel nights thus far.@amitchowdhry or on Google+ at +AmitChowdhry