LivingSocial Raises $110 Million in Financing to Build Reserves
LivingSocial Inc., the daily-coupon site that has struggled amid diminishing demand for its wares, raised $110 million in financing to add to its cash reserves and solidify its long-term planning.
The funding round included existing board members and investors, Washington-based LivingSocial said in an internal memo obtained by Bloomberg.
“We have an aggressive roadmap for profitability and expansion this year, and those plans include increased investment in areas like marketing, technologies, and mobile,” LivingSocial said in the memo. “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.”
To contact the reporter on this story: Douglas MacMillan in San Francisco at dmacmillan3@bloomberg.net
To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net
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