elgato
Joined: 24 Feb 2005
Posts: 17240
Location: Texas
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| Posted: Fri Dec 03, 2010 11:29 am Post subject: Amazon Invests $175 Million in Local-Deals Site LivingSocial |
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Amazon.com invested $175 million in LivingSocial, a deals site for local businesses and restaurants similar to Groupon, which is rumored to be considering a $6 billion offer from Google. LivingSocial also secured an additional $8 million investment from Lightspeed Venture Partners.
LivingSocial has 10 million subscribers and over 120 locations in the U.S., Canada, UK, Ireland and Australia. It describes itself as an 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 will use the money to expand its locations. It said it 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.
more.. link to news article |
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