LivingSocial Expects $1 Billion in Revenues in 2011, Adds Former CBS Exec Neil Ashe to Board
Neil Ashe, former president of CBS Interactive, is joining the board of LivingSocial, according to sources.
The appointment comes on the heels of LivingSocial’s latest fundraising efforts, of which details started to leak out today. The Washington, D.C.-based daily deals company has reportedly attracted around $500 million in additional funding at a $3 billion valuation.
According to sources, those figures are accurate and that an announcement from LivingSocial should come soon.
What’s more, sources said the company is now on track to book more than $1 billion in revenues this year, which is double the conservative figure the company reported only four months ago.
As to Ashe, he is an interesting choice for LivingSocial’s board.
Most recently, Ashe (pictured here) was the president of CBS Interactive. He stepped down in December, but it was unclear at the time where the executive was headed.
Ashe joined CBS through the acquisition of CNET, where he was CEO. Sources said his role at LivingSocial is strictly as a board member; he will not be taking a managerial role.
Other LivingSocial board members include: Tim O’Shaughnessy, co-founder and CEO; Eddie Frederick, president and co-founder; Tige Savage of Revolution; Ted Maidenberg of USVP; Don Rainey of Grotech Ventures and Peter Krawiec of Amazon. Krawiec joined after Amazon invested $175 million, as part of the company’s round announced in December.
Ashe’s appointment to the board will add additional expertise as the company bulks up to go against market-leading Groupon. It must also fend off other entrants, ranging from such giants as Facebook and Google to more scrappy one-off niche sites focused on categories, such as families, pets or religions.
While Groupon grabs a lot of the spotlight, LivingSocial is growing rapidly too.
It has 1,200 employees and has expanded into a dozen international markets. It is adding about one million users a week to its email list, and has roughly 25 million in total.