LivingSocial Inks $176M of Planned $400M

Daily deal company LivingSocial disclosed in a regulatory filing Wednesday that it has raised $176 million in new financing, with plans to raise a total of $400 million. Reuters, citing an unnamed source, reported that the new financing “doubles the valuation of the daily deals service from its last fundraising round in April.” LivingSocial was planning to go public earlier this year in an IPO that may have raised about $1 billion at a valuation of $10 billion to $15 billion. In the summer, the company picked Bank of America Merrill Lynch, JP Morgan and Deutsche Bank to lead-underwrite the IPO, Reuters wrote. The company's venture investors include Lightspeed Venture Partners, US Venture Partners and Grotech Ventures.

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