“The thing that’s most exciting is that we think we’re inventing the future here a bit,” adding, “We’re doing things nobody has really done before, and to be able to raise this amount of capital will really allow us to look at the white board and accomplish the goals we have written up there — things we’ve been wanting to do for awhile now.”
The $50 million comes just after Foursquare announced they had passed 10 million registered users and then signed a deal to offer American Express customers discounts just for checking in at their favorite locations. read more
In December 2010 social deals platform LivingSocial announced $175 million in funding from web empire Amazon and now just four months later the company has raised $400 million in a new round of funding.
At this time the sources for the new funding round have not been disclosed, however they are said to have come from both public and private sources.
In a public statement the company says they will use the money to create new innovations in their space, while expanding both domestically and globally.
Along with that funding the company now sits at a valuation of approximately $2 billion, while announcing more than 26 million members now use the site to find daily deal specials.
When the company’s first large Amazon round of funding was announced LivingSocial stated that they were currently raising $1 million in gross sales per day with $500 million revenue expected in 2011. read more