LivingSocial Secures Much Needed Funding

daily deals, livingsocial, groupon, social networks, social media, social commerceLivingSocial has raised $110 million in additional funding from existing investors, according to a report in the Washington Post citing a staff memo written by CEO Tim O’Shaughnessy.

LivingSocial has been struggling as the daily deals market weakened. It laid off 10 percent of its workforce in November, but framed the move as a first step toward long-term profitability.

The memo announcing the funding said the investors and board had reviewed the company’s plans and were giving them a vote of confidence.

LivingSocial has, like Groupon, expanded from daily deals into physical goods. Unlike Groupon, it also moved into food delivery via an acquisition.

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