DealTracker – LinkedIn Raises $53 Mn Valued At $1 Billion
Raising $53 million from investors in a fourth round of financing, now values LinkedIn, the online destination for professional networking, at just over $1 billion. While this is less than Facebook’s recent valuation of $15 billion, LinkedIn is also geared towards the business side of networking, giving it a more robust revenue model. This also takes the total amount raised by five year old company to more than $80 million.
Private equity firm Bain Capital’s Bain Capital Ventures led the investment round, with LinkedIn’s existing investors, venture capital firms Sequoia Capital, Bessemer Venture Partners and Greylock Partners chipping in.
LinkedIn currently with 23 million members and adding 1.2 million new members every month, expects to have more than 30 million people by the end of 2008.
As their blog states,
This additional funding will give us even more flexibility to execute on our vision for millions of professionals to increase their effectiveness by using LinkedIn to build relationships and exchange knowledge, opportunities and advice.
The company, is profitable and generates revenue from advertising and premium subscriptions, and currently has no plans to go public, nor is it looking to get acquired, according to Chief Executive Dan Nye.
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Filed under: Deal Tracker, News
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