Washington – LivingSocial, a provider of social buying
promotions, announced on Wednesday that it has invested nearly $5 million for a
controlling majority stake in Jump On It, a social shopping service based in
Jump On It launched in May, and now reaches 1.2 million Australians daily
via email and Facebook.
The service will be folded into LivingSocial’s branded
LivingSocial counts 10 million subscribers across 100 worldwide
markets, and says it is currently earning $1 a day. The company projects over
$500 million in revenues in 2011.