LivingSocial Raises $5 Million

LivingSocial.com, a Washington, D.C.-based social discovery and cataloging network, has raised more than $5 million in Series A funding. Grotech Ventures led the round, and was joined by Steve and Jean Case.

 

PRESS RELEASE

LivingSocial.com, a social discovery and cataloging network for reviewing and sharing common interests, today announced the company has closed more than $5 million in Series A funding. The round was led by Grotech Ventures and includes a personal investment from Steve and Jean Case. Since launching in February 2008, 6.4 million beta users have catalogued more than 80 million reviews of movies, books, music, games, restaurants and beers.

 

LivingSocial lets users manage and catalogue their interests and share reviews with peers across its themed vertical websites ReelSocial, ReadingSocial, TuneSocial, GamingSocial, DiningSocial and BrewSocial. Once posted on LivingSocial.com, users' catalogued items and reviews are seamlessly integrated and easily accessed across top social networks, including Facebook, MySpace, Bebo, Orkut and hi5. With their first round of funding, the company is poised for aggressive user acquisition — continuing momentum from the significant growth achieved since its beta launch.

 

“The support of Grotech Ventures and Steve and Jean Case will help establish LivingSocial as the leading social discovery and cataloging network, a centralized, user-managed community where people can organize, review and share what they are most passionate about,” says Tim O'Shaughnessy, CEO and co-founder of LivingSocial. “Based on the sheer number of reviews we already have on our site, there is no other interest-based community with the volume of user-generated cataloging, and we're just getting started.”

 

In coming months, LivingSocial plans to introduce additional product enhancements and new interest categories, further building its network to leverage users' real world interests. The company's innovative management team, which includes technical visionaries and former product managers from AOL, Revolution Health, and Blockbuster Online, has identified an exciting product roadmap that will further enhance user experience.

 

“LivingSocial has developed an innovative way for users to manage, browse and share their interests in a whole new way, and no other site has as comprehensive an offering,” says Don Rainey, general partner at Grotech Ventures. “Just like in the offline world, LivingSocial lets users discover new interests through a network of peers, and their potential to expand into even more verticals is powerful. It's a real value to the consumer.”

 

For more information on LivingSocial, visit http://www.livingsocial.com.

 

About Grotech Ventures

 

Grotech Ventures is a team committed to helping creative and driven entrepreneurs build technology companies that last. Our strategy is simple: early investors in high-potential technology companies. We initially invest from $500,000 to $5 million. Areas of emphasis are: Communications & IT Infrastructure, Software & Services, and Internet & Digital Media. Our investments tend to be east of the Rockies with a focus on the mid-Atlantic and Southeast. With committed capital in excess of $1 billion, we are currently investing Grotech VII. To learn more about Grotech Ventures, please visit http://www.grotech.com

 

About LivingSocial

 

LivingSocial.com is a social discovery and cataloging network that allows people to review and share their favorite movies, books, games, music, restaurants and beer. As the most comprehensive interest-based online community, LivingSocial is now helping more than 6.4 million users catalogue their interests, seamlessly integrating with Facebook, MySpace, Bebo, hi5, and Orkut. The company is headquartered in Washington, D.C. To start cataloging your interests, or to find out more information about LivingSocial, visit http://www.livingsocial.com.