LivingSocial raises $176 million, seeks $400 million
The daily deals company taps into the private markets to fund its expansion.
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Paul Sloan is editor in chief of CNET News. Before joining CNET, he had been a San Francisco-based correspondent for Fortune magazine, an editor at large for Business 2.0 magazine, and a senior producer for CNN. When his fingers aren't on a keyboard, they're usually on a guitar. Email him here.
LivingSocial, the No. 2 daily deals company behind Groupon, revealed in an SEC filing that it has raised $176 million.
The company reported that it is trying to raise $400 million, so presumably execs are still out trying to sign on more investors.
Some of the investors so far include AOL founder Steve Case, Amazon, and U.S. Venture Partners. The money is going to continue expanding operations.
The company, which is based in Washington, D.C., says it has more than 34 million members in the U.S. and more than 46 million worldwide. It had reportedly been exploring going public.
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