LivingSocial Receives $400 Million Funding Round

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.

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The site still has a long way to go before they reach the $1.1 billion type numbers raised by Groupon, however the newest round of funding does prove that there are close competitors for the reigning king of social deal buys.

What do you think about the valuation of LivingSocial?