LivingSocial Raises $400 Million

Posted Apr 5, 2011

Less than four months ago LivingSocial raised $175 million from and now they have raised an additional $400 million. The investors in this round include, 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.

[New York Times]