Amazon.com Invests $175 Million In LivingSocial
By: Mike Sachoff
Local social shopping website LivingSocial has secured a $175 million investment from Amazon.com.
LivingSocial has also secured an additional $8 million investment from Lightspeed Venture Partners. LivingSocial will use this investment to maintain a steady drumbeat of worldwide launches and overall business growth while continuing to serve more than 10 million subscribers across the U.S., Canada, UK, Ireland and Australia in more than 120 locations.
Because of LivingSocial's rapid expansion, the company is currently booking revenues of more than $1 million a day on average and is projected to book well over $500 million in revenue in 2011.
To be the biggest player in the local commerce space there is no one better to work with than Amazon," said Tim O'Shaughnessy, CEO of LivingSocial.
"As the social shopping space continues to heat up, LivingSocial is committed to staying focused on providing the high level of quality that consumers and merchants have come to expect when working with us."
LivingSocial helps people find deals on restaurants, shops activities and services in their area. The company has area experts on the ground in every location working directly with business owners, and constantly researching the best in local adventures to bring a savings of 50% to 70% for consumers.
Recently, LivingSocial expanded its business by acquiring adventure company Urban Escapes, and launching three new verticals including LivingSocial Family Edition, Campus Deals and LivingSocial Escapes, a travel site that offers savings on curated adventures.
In addition, the company continues a regular flow of launches - on average one per day - and has expanded its reach in Australia with a controlling stake in Jump On It, making it live in five countries.
About the Author:
Mike is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.
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