WASHINGTON (PRNewswire via COMTEX) — LivingSocial (www.livingsocial.com) has secured a $175 million investment from Amazon (Nasdaq: AMZN). 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.”
As the online source to find amazing experiences at an unbeatable value, LivingSocial lets anyone experience the hottest restaurants, shops, activities and services in their area. The company has dedicated 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 unbeatable 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.
LivingSocial is the online source for people to find handpicked experiences at a great value, inviting anyone to save up to 50% to 70% each day on their favorite restaurants, spas, sporting events, hotels and other local attractions in major cities. LivingSocial has an extensive subscriber base of 10 million, and is headquartered in Washington, D.C. To sign up for Deals in your location, or to find out more information about LivingSocial, visit www.livingsocial.com. You can also follow LivingSocial on Twitter at www.twitter.com/livingsocial.