LinkedIn financing maintains $1bn valuation

Goldman Sachs, The McGraw-Hill Companies, SAP Ventures and Bessemer Venture Partners have added $23m on to the $53m in Series D financing the professional networking site raised over the summer.

LinkedIn, the business-oriented social networking platform founded in 2003, has secured $22.7 million in financing as a follow-on to the company’s $53 million Series D funding round in June.

The financing round included global bank Goldman Sachs, information services provider The McGraw-Hill Companies and software- and services-focused venture firm SAP Ventures. Bessemer Venture Partners, which invested in June, re-invested in the follow-on as well.

The valuation of LinkedIn for the financing round was just over $1 billion, the same value attached to the previous financing.

The June financing was led by Bain Capital Ventures and included fellow venture firms Sequoia Capital, Greylock and Bessemer.

LinkedIn in 2003 raised $4.7 million in Series A funding from Sequoia and in 2004 received a Series B round of $10 million from Greylock. The January 2007 Series C round gathered $12.8 million from Bessemer and European Founders Fund.

Social networking websites have garnered substantial venture investment. Last month, US venture firm Highland Capital Partners has led a $28.7 million Series C financing round for social news website Digg. Kleiner Perkins Caufield & Byers and Institutional Venture Partners in July led a $29 million funding round for social gaming service Zynga.

Other social networking companies to receive venture funding include microblogging service Twitter, social gaming company I’m In Like With You and opinion community site SodaHead.