LivingSocial
LivingSocial raising $400 million
December 7, 2011: 4:23 PM ET
Daily deals company discloses plans in SEC filing, as IPO remains on hold.
LivingSocial is raising upwards of $400 million in new funding, according to a new regulatory filing. No new investors were disclosed for the deal, which Bloomberg reports is being done at a $6 billion valuation.
The SEC document shows that the Washington, D.C.-based company has secured $176 million to date, meaning that it has another $223 million to go. Code Advisors and J.P. Morgan are serving as placement agents.
No word yet on exactly what the proceeds will be used for. The company checked off boxes for both equity and options to acquire another security, which could mean working capital and to pay for corporate acquisitions. It also could mean that part of the round will be used to provide liquidity to existing shareholders, which is something LivingSocial has done in the past, although my guess is that it will abstain given how much grief rival Groupon (GRPN) received for similar maneuvers. [Update: Source says that none of the round will be used for shareholder liquidity]
Still no word on when LivingSocial plans to file for its own IPO, which has been talked about for months.
LivingSocial previously raised over $630 million, including a $400 million Series E round this past May. Investors include Amazon.com, Grotech Capital Group, Lightspeed Venture Partners, Steve Case/Revolution, T. Rowe Price, Institutional Venture Partners and U.S. Venture Partners.
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What went wrong with daily deals?
There is a way to fix the daily-deals business, but it may be too late for this generation of companies.
By Rob Go, contributor
Like many people, I've been watching the meteoric rise of Groupon as well as some of the negative press we've been seeing the last several weeks. I am not privy to any private information about the company, but I've said publicly that I admire the founders and the kind of business MORE
Sep 12, 2011 2:30 PM ET -
Why LivingSocial wants to go public
What is pushing LivingSocial into the public markets?
LivingSocial CEO Tim O'Shaughnessy was part of a "going local" panel yesterday at Fortune Brainstorm Tech, in which he said: "If you view this as a daily deals business, you've probably lost already… We view it as local commerce."
No questions were asked about his company's IPO plans (it reportedly has already hired bankers), so afterward I pulled him aside to ask why a company MORE
Dan Primack - Jul 21, 2011 12:47 PM ET -
LivingSocial adds $30 million
LivingSocial hasn't filed for an IPO yet, but it does keep raising money on the private markets.
LivingSocial has picked up another $30 million in venture capital funding, according to a pair of regulatory filings. This comes amid talk that the daily deals site is considering an IPO, and just two months after it secured $400 million in Series E funding (half of which was used to partially cash out existing MORE
Dan Primack - Jul 6, 2011 12:56 PM ETPosted in: LivingSocial, Venture Capital -
VC smartly sells LivingSocial shares
The earliest investor in LivingSocial has already cashed in, but hasn't yet cashed out.
The secondary trade has arrived at daily deals site LivingSocial. Grotech Ventures, a Virginia-based VC firm that led the company's $5 million Series A round in July 2008, recently raised around $200 million by selling shares to undisclosed third-party buyers.
peHUB first reported the news, which Fortune has since confirmed. Two minor differences in our reporting, however:
1. peHUB MORE
Dan Primack - Jun 27, 2011 12:06 PM ET -
LivingSocial plans to repay early supporters
LivingSocial appears to have taken yet another page out of the Groupon play book.
Earlier this month, the Washington, D.C.-based daily deals company announced that it had raised $400 million in new venture capital funding, saying that the money would be used pursue "aggressive domestic and international growth and continued product innovation."
What LivingSocial left out was that approximately half of the total (i.e., $200 million) is being used to partially cash MORE
Dan Primack - Apr 15, 2011 12:03 PM ET -
How Amazon is making money by giving it away
Lots of blog buzz today about how Amazon.com (AMZN) is selling $20 gift cards for just $10. It's being done through online deals site LivingSocial, a Groupon rival that recently raised $182 million in VC funding from Amazon and others.
So this obviously is a (brilliant) customer acquisition play by LivingSocial, with a big hand from its largest investor. And Amazon probably assumes that the $6 million-plus it is "losing" in sales revenue will be outweighed MORE
Dan Primack - Jan 19, 2011 2:32 PM ET -
Deal of the Day: Amazon pumps up LivingSocial
The Term Sheet sends out an email each morning (sign up here), which includes blurbs on all of the day's venture capital and private equity news, plus any other notable M&A activities. It also picks one deal to highlight. Here is what got today's top billing:
LivingSocial, a Washington, D.C.-based online deals site, has secured a $175 million investment from Amazon.com (AMZN). It also raised $7 million in new funding from existing MORE
Dan Primack - Dec 3, 2010 10:33 AM ET
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