LinkedIn Raises $53 Million at $1 Billion Valuation
Social network LinkedIn has raised a $53 million D-round with a valuation exceeding $1 billion. The round was led by Bain Capital Ventures, along with three existing investors - Greylock, Sequoia Capital and Bessemer Venture Partners. The Company had previously raised $27 million, with much of that coming from founder and current Chairman Reid Hoffman.
While Facebook consumed most of the air in the social media room in 2007, LinkedIn has been steadily growing to more than 23 million business users. According to reports, the Company has been profitable since 2006 and projects more than $100 million in revenue for 2008. LinkedIn is a participant in OpenSocial and is well poised to tap into multiple revenue streams from advertising, subscription upsell and ecommerce opportunities.
Congratulations to Reid Hoffman and the LinkedIn team.
Note to Steve - I think you're winning the LinkedIn vs. Facebook bet.
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