Mountain View, Calif. – Business-focused social network
LinkedIn this week filed to raise up to $175 million in an initial public
offering on the New York Stock Exchange. Co-founded in 2002 by now-prolific
venture capitalist Reid Hoffman, Mountain View, Calif.-based LinkedIn counts
over 90 million registered members, up from 55 million a year ago.
said it generated net revenues of $161 million in the first nine months of
2010, and $10 million in profit — compared to a loss of $3.38 million in the
same period during 2009.
LinkedIn will use proceeds from the offering for
general corporate purposes, including working capital, sales and marketing
activities, general and administrative matters and capital expenditures.
company had raised more than $100 million in funding, from backers including
Sequoia Capital, Greylock Partners, Bessemer Venture Partners, European
Founders Fund, Bain Capital Ventures, SAP Ventures, Goldman Sachs and