LivingSocial raising $400 million

Dec 07, 2011

Daily deals company discloses plans in SEC filing, as IPO remains on hold.

LivingSocial is raising upwards of $400 million in new funding, according to a new regulatory filing. No new investors were disclosed for the deal, which Bloomberg reports is being done at a $6 billion valuation.

The SEC document shows that the Washington, D.C.-based company has secured $176 million to date, meaning that it has another $223 million to go. Code Advisors and J.P. Morgan are serving as placement agents.

No word yet on exactly what the proceeds will be used for. The company checked off boxes for both equity and options to acquire another security, which could mean working capital and to pay for corporate acquisitions. It also could mean that part of the round will be used to provide liquidity to existing shareholders, which is something LivingSocial has done in the past, although my guess is that it will abstain given how much grief rival Groupon (grpn) received for similar maneuvers. [Update: Source says that none of the round will be used for shareholder liquidity]

Still no word on when LivingSocial plans to file for its own IPO, which has been talked about for months.

LivingSocial previously raised over $630 million, including a $400 million Series E round this past May. Investors include Amazon.com, Grotech Capital Group, Lightspeed Venture Partners, Steve Case/Revolution, T. Rowe Price, Institutional Venture Partners and U.S. Venture Partners.

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