Social Application Developer LivingSocial.com Lands $5 Million

Authored by Mark Hefflinger on July 21, 2008 - 7:29am.

Washington - LivingSocial.com, an online community that allows people to review and share their favorite movies, books, games, music, restaurants and beer, said on Monday that it has raised more than $5 million in its first round of funding, led by Grotech Ventures.

The round includes a personal investment from Steve Case, the co-founder of AOL and chairman and CEO of Revolution, and his wife Jean Case.

Since launching in beta mode this February, the site has drawn 6.4 million users who have posted more than 80 million reviews.

"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," said Tim O'Shaughnessy, the company's co-founder and CEO.

LivingSocial lets users manage and catalogue their interests and share reviews across its themed vertical websites -- ReelSocial, ReadingSocial, TuneSocial, GamingSocial, DiningSocial and BrewSocial.

Once posted, the items can be integrated with social networks such as Facebook, MySpace, Bebo, Orkut and hi5.

The company said that it plans to introduce site enhancements and new interest categories in the coming months.

 

Related Links:
http://biz.yahoo.com/prnews/080721/aqm055a.html?.v=2

http://www.livingsocial.com

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