LivingSocial Raises $400M in Funding and Adds to Board of Directors
Local Commerce Expert Accelerates Market Expansion and Product Innovation
06 Apr, 2011, 08:00 ET
WASHINGTON, April 6, 2011 /PRNewswire/ -- LivingSocial, the online source for handpicked experiences at a value, today announced it has secured $400 million in investment from a mix of world-class public and private investors, which includes new and existing investors. This round brings the company's total investment raised to more than $600 million. LivingSocial will use this investment to carry on its aggressive domestic and international growth and continued product innovation.
LivingSocial is also adding Neil Ashe, former President of CBS Interactive, to its Board of Directors. Ashe led CBSi's content expansion strategy including numerous acquisitions and product and category extensions. Previously, he was CEO of CNET Networks; he has broad-based expertise in all facets of business coupled with outstanding management and leadership skills, which are invaluable assets.
"In a relatively short amount of time, LivingSocial has reshaped the way businesses market themselves and helped our members discover their neighborhoods," said Tim O'Shaughnessy, CEO and co-founder LivingSocial. "With this investment we'll bring LivingSocial to tens of millions of new members around the world and introduce innovative ways to connect our members to merchants."
As Q2 2011 commences, consumers have taken notice of the company's unique offerings and LivingSocial now has 26 million members in 206 daily deal markets and 46 Family Edition markets. The company has filled nearly 200,000 room nights through LivingSocial Escapes, more than doubled its country count with the acquisition of Let's Bonus and secured its technological stronghold with the acquisition of Ruby/Rails leader InfoEther. One of the fastest growing companies of all time, the local commerce expert employs more than 1300 employees.
Recently, LivingSocial launched a breakthrough in local commerce with Instant Deals in Washington, DC. Instant Deals helps consumers discover immediate deals at restaurants and attractions within a .5 mile radius via their LivingSocial mobile application and gives merchants the flexibility to drive business when they need it most. The company will be rolling Instant Deals out to other markets in the coming weeks.
In 2010, LivingSocial acquired adventure company Urban Escapes and launched two new verticals including LivingSocial Escapes, a travel site offering unbeatable savings on curated adventures and LivingSocial Family Edition. The company also acquired a majority stake in Jump on It, Australia's leading social shopping site. In addition, the company has launched one market per day on average and expects to reach 400 markets in 2011.
LivingSocial adds surprise to every calendar with handpicked daily deals you can share with friends. Members enjoy deep discounts on the coolest, local experiences. Local business owners get an easy and cost effective marketing tool to attract new, loyal customers. In 2010, one of the fastest growing companies in the space expanded with LivingSocial Escapes offering a "vacation in a box" for easy weekend trips at great value. Based in Washington, DC, the international brand and has saved more than 26 million subscribers nearly half a billion dollars in +250 markets worldwide. Please visit www.livingsocial.com for additional information. For a full list of markets where LivingSocial is live or to sign up your location, go to http://www.livingsocial.com. Follow us on Twitter at twitter.com/livingsocial.
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