By Allan Maurer
WASHINGTON, DC – LivingSocial’s aptly named parent company, Hungry Machine Inc., has snagged $10.23 million in equity from investors including Grotech Ventures, U.S. Venture Partners, and Steve Case’s Revolution, bringing its total financing this year alone to nearly $50 million. The company has been ramping up its local group buying service, LivingSocial deals, rapidly, nearly doubling its markets in mid-July(LivingSocial nearly doubles its markets in one day).
The company disclosed the raise in a filing with the U.S. Securities and Exchange Commission.
LivingSocial closed a $14 million round led by Lightspeed Ventures in April on the heels of closing a $25 million round in March. It had previously raised $10 million.
The Northern Virginia Technology Council recently recognized LivingSocial’s earlier raise as the best VC deal of the year in its annual awards.
Interested in finding out how LivingSocial has gained such traction? John Carpenter, director of Marketing, LivingSocial, is one of more than 50 confirmed expert speakers slated for TechMedia’s first Digital East 2010 event at Tysons Corner, VA, October 18. (see: First Digital East Event set for October).
The company presented its business plan at TechMedia’s 2007 Southeast Venture Conference.
A Lightspeed managing director told the Wall Street Journal LivingSocial is growing as fast or faster than Groupon. The online group discount business can probably handle several leading players, but consolidation is likely somewhere down the road.
The companies all offer discounted group buying deals in local markets.
Chicago-based Groupon itself nabbed a $135 million round this year. Other competitors include Buywithme and Kashless.
Founded in the summer of 2007, LivingSocial began as a social discovery and cataloging network offering applications such as Pick 5 on social networks such as Facebook and Twitter that allow people to review and share their favorite movies, books, games, music, restaurants and beer.
Contact Tech Journal South Editor and writer Allan Maurer: Allan at TechJournalSouth dot com.
Related Stories:
- Local deals firm LivingSocial raises $400M, reports says
- LivingSocial adds $1.6M to war chest as group buying space remains hot
- LivingSocial really dealing: nabs $14M financing led by Lightspeed
- Local deals firm LivingSocial rings up $2.9M in additional equity
- LivingSocial looking at $500M raise, $2B valuation, reports say
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Tags: DC, Digital East, Grotech, Groupon, Hungry Machine Inc., LIvingSocial, LivingSocial Deals, Revolution, SEVC, Steve Case, U.S. Venture Partners
