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LivingSocial Lands $110 Million in New Funding
/ February 20, 2013 11:06 am

LivingSocial, the DC-based daily deals giant, has raised $110 million in a new round of funding from previous backers, CEO Tim O’Shaughnessy told employees in a memo obtained by Potomac Tech Wire on Wednesday. O’Shaughnessy said the new capital will “build our reserves, solidify our long-term plans, and execute against our vision for the future.” LivingSocial last month revealed plans aimed at helping it reach profitability by the end of this year. Those plans include increased investment in areas such as marketing, technology and mobile. “This new investment round will allow us to dedicate the resources we need, while also building a significant cash reserve against unanticipated events or bumps in the road,” wrote O’Shaughnessy. The company did not immediately disclose the identities of the investors. Amazon invested $175 million in LivingSocial in 2010, and as of the end of January owned a 29% stake in the company. The news comes two weeks after Amazon revealed in a regulatory filing that LivingSocial suffered a net loss of $650 million last year, including a $579 million impairment charge.


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