Aaron Batalion, the co-founder of LivingSocial, has stepped down from the company. Batalion made the announcement in a blog post. Batalion leaves at a time that LivingSocial’s revenues are surging, but they are failing to hit profitability.
“As I look back today, we have processed billions in commerce transactions and have sent tens of billions of emails on technology we created. We took a simple two-week prototype and scaled it to an international business with thousands of fellow employees around the world. We built a culture I am proud of and millions of consumers around the world have experienced their local cities because of our products. More importantly, we created an incredible team with many more strong moves yet to come. Knowing this makes me confident in LivingSocial?s future and the vision of local we have all been fighting for,” said Batalion in the blog post.
LivingSocial raised around $110 million in additional funding this past February to help the company build their reserves and solidify long-term plans. In Q3 of last year, Amazon.com reported a $169 million loss related to its shares of LivingSocial. It is unclear what Batalion is planning to do next.