LivingSocial.com secured $400 million in investment from a mix of public and private investors, which includes new and existing investors. This round brings the company’s total investment raised to more than $600 million. LivingSocial says it will use this investment to carry on its “aggressive domestic and international growth and continued product innovation.”
LivingSocial is also adding Neil Ashe, former President of CBS Interactive, to its Board of Directors. Ashe led CBSi’s content expansion strategy including numerous acquisitions and product and category extensions. Previously, he was CEO of CNET Network.
LivingSocial is a relatively new social shopping company for local neighborhoods. Tim O’Shaughnessy, CEO and co-founder LivingSocial says “With this investment we’ll bring LivingSocial to tens of millions of new members around the world and introduce innovative ways to connect our members to merchants.”
It looks like LivingSocial has embedded itself as a social shopping network. The company has 26 million members in 206 daily deal markets and 46 Family Edition markets.
Not too long ago, LivingSocial launched a local commerce with Instant Deals in Washington, DC. Instant Deals helps consumers discover immediate deals at restaurants and attractions within a .5 mile radius via their LivingSocial mobile application and give merchants the flexibility to drive business when they need it most. Obviously with the added capital, the company will be rolling Instant Deals out to other markets in the coming weeks.
LivingSocial reports in 2010 the company acquired Urban Escapes, a search for activities site, and launched two new verticals including LivingSocial Escapes, a travel site offering savings on curated adventures and LivingSocial Family Edition. The company also acquired a majority stake in Jump on It, an Australian social shopping site. In addition, the company has launched one market per day on average and expects to reach 400 markets in 2011.
It looks like LivingSocial is being very aggressive on the social shopping market and will continue to do so with its new investment of $400 million.