LivingSocial raises $110 million and it's a downer for daily deals
Skift Take
From Groupon to Travelzoo and LivingSocial, the bloom is long off the rose in the daily deals space for travel and beyond. Amazon, which is an investor in LivingSocial, reports that LivingSocial recorded a $905 million operating loss in 2012.
LivingSocial Inc. was worth about $1.5 billion in a recent financing round, less than a quarter its value as recently as 14 months ago, evidence of dwindling demand for the daily coupons that make up most of its sales.
Investors put $110 million into the company and received 7.5 percent of its equity, Chief Executive Officer Tim O’Shaughnessy wrote in a memo yesterday, obtained by Bloomberg. That’s a drop from December 2011, when LivingSocial raised funds at a valuation of about $6 bil
