Reuters said that CEO Tim O’Shaughnessy wrote it in a memo to employees today. Backers included unnamed existing investors (among Amazon, Lightspeed Venture Partners, Steve Case/Revolution, Grotech Ventures, US Venture Partners, T. Rowe Price and JP Morgan).
According to reports that mention the memo, the company intends to use the funds to build reserves, and consolidate its long-term plans.
Washington, D.C.-based LivingSocial is a marketplace to buy and share local experiences each day (events, dinners, outings, etc.) in more than 600 cities around the world.
The company has more than 70 million members worldwide.