Entertainment | Internet
LinkedIn plans to expand after $53 million deal
Four venture capital firms are betting internet startup LinkedIn Corp. is worth $1 billion, highlighting the lofty hopes riding on online services that connect people with their friends, family and business associates.
- AP
- Published: 12:21 June 18, 2008
- LinkedIn helps people use the web to advance their professional careers.
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San Francisco: Four venture capital firms are betting internet startup LinkedIn Corp. is worth $1 billion, highlighting the lofty hopes riding on online services that connect people with their friends, family and business associates.
The 10-figure valuation is implied by a $53 million investment being announced on Wednesday from Bain Capital Ventures, Sequoia Capital, Greylock Partners and Bessemer Venture Partners.
The investors received a combined 5 per cent stake in Mountain View-based LinkedIn, whose 5-year-old website helps people use the web to advance their professional careers.
It is one of the richest appraisals for a Silicon Valley startup since Microsoft Corp. paid $240 million for 1.6 per cent of Facebook Inc. late last year. That deal valued Palo Alto-based Facebook and its online hangout at $15 billion.
The Facebook financing in turn helped several other startups that promote online socialising to promote themselves.
About 23 million people in 150 countries have set up profiles on LinkedIn so far, with another 1.2 million members signing up each month.
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