Washington – Only six weeks after announcing its second
round of funding, DC-based LivingSocial, the developer a new social commerce
service as well as several popular social networking tools, said on Thursday
that it has raised another $14 million in its third round, led by Lightspeed
Venture Partners.
U.S. Venture Partners, Grotech Ventures and Steve Case’s
Revolution also participated in the round, which boosts the company’s backing
to $39 million since just March 11.
LivingSocial said that it will use the
latest infusion to expand its Deals service into additional markets, starting
with Portland, Orange
County, Charlotte
and Philadelphia.
The service is now available in 18 U.S. cities, with plans to expand
to dozens more by the end of this year.
"We’re constantly receiving
requests from our users to expand and launch in their markets, and this recent
funding round will allow us to do just that," said CEO Tim O’Shaughnessy.
Users sign up to receive daily emails or iPhone notifications featuring one
offer a day of at least 50% off various local restaurants and attractions.
When
someone purchases the deal, they receive a unique link to share, and if three
other people accept the offer using that link, their deal is free.
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