– LivingSocial, the developer of several popular social networking tools and a
new social commerce service, said on Thursday that it has raised $25 million in
its second round of funding, led by U.S. Venture Partners.
In addition, Grotech
Ventures and Steve Case’s Revolution also contributed to the round.
said that it will use the funds to launch LivingSocial Deals — its new group
buying program that offers at least 50% off each day at various local
restaurants and attractions — in Chicago, Denver, Raleigh Durham and San Diego.
The service, which debuted in D.C.
last August, now operates in 13 markets.
Users sign up to receive daily emails
or iPhone notifications featuring one offer a day. When someone purchases the
deal, they receive a unique link to share, and if three other people buy the
deal using the link, their deal is free.
LivingSocial also is the
creator of popular Facebook applications "Visual Bookshelf" and
"Pick Your Five."