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No wonder they were dancing. After a 2012 that saw layoffs and $650 million in net losses, LivingSocial announced in a memo today that it has landed $110 million more in funding from investors.
In the memo, obtained by the Post, LivingSocial CEO Tim O’Shaughnessy calls the investment “a tremendous vote of confidence in our business.” While the memo suggests the cash comes from current investors in the coupon and events company, it’s not clear which of the company’s list of backers, which includes Amazon.com, put down the money. (Disclosure: Washington City Paper is also in the online coupons business.)
O’Shaughnessy writes that the investment will give his company “even deeper resources to take advantage of new opportunities,” which is one way of looking at it. The other is that the coupon company ran a $326 million deficit last year and likely needs some more cash.
Photo by Darrow Montgomery.