Commerce

LivingSocial Gets a Much-Needed $110 Million Boost

Published on February 20, 2013
by Greg Bensinger

LivingSocial Inc. recently raised $110 million from existing investors, giving its coffers a much needed boost after the daily-deals company’s 2012 losses widened by 30 percent last year.

Chief Executive Tim O’Shaughnessy announced the investment in a memo to employees Wednesday. “This new investment round will allow us to dedicate the resources we need, while also building a significant cash reserve against unanticipated events or bumps in the road,” he said in the memo.

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