LivingSocial Raises Over $100M More


LivingSocial co-founder and CEO Tim O'Shaughnessy speaks during the Reuters Global Technology Summit in New York

(Reuters) – LivingSocial, the second-largest daily deal company, raised $110 million in a new round of financing from many of its existing investors, Chief Executive Tim O’Shaughnessy wrote in a memo to employees on Wednesday.

“This investment is a tremendous vote of confidence in our business from the people who know us best, our current board members and investors,” O’Shaughnessy said.

The CEO did not say whether Amazon.com Inc had invested in this latest round. Amazon has been one of the largest investors in LivingSocial, but has written down the value of its stake. A spokesman for the daily deal company declined to comment. Spokespeople for Amazon were not immediately available to comment.

Amazon, last month in its annual report, stated it has significantly marked down its stake in LivingSocial. According to calculations based on Amazon’s figures, LivingSocial’s valuation has fallen to less than $200 million.

(Reporting By Alistair Barr; Editing by Gerald E. McCormick & Jonathan Marino)

Image Credit: LivingSocial co-founder and Chief Executive Officer (CEO) Tim O’Shaughnessy speaks during the Reuters Global Technology Summit in New York May 19, 2011. REUTERS/Lars Paronen

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