Amazon has invested $175m (£112m) in Living Social, a rival to popular deals site Groupon. Living Social plans to use the cash injection to strengthen its positioning in more locations. At present it has 10 million subscribers in the UK, Ireland, US, Canada and Australia and says it expects to turnover $500 million (£320 million) […]
Amazon has invested $175m (£112m) in Living Social, a rival to popular deals site Groupon. Living Social plans to use the cash injection to strengthen its positioning in more locations.
At present it has 10 million subscribers in the UK, Ireland, US, Canada and Australia and says it expects to turnover $500 million (£320 million) in revenue next year. Living Social has also secured a further $8 million (£5 million) from Lightspeed Venture Partners. The investment by Amazon comes as Google looks close to securing a deal to acquire rival deals site Groupon.
06/12/2010
Both Groupon and Living Social offer customers daily discounted deals on local shops and services.
Groupon’s revenues are reportedly now in the region of $50 million (£32 million) a month, with the site boasting 13 million subscribers across 29 countries in Europe, North America, Latin America, and Asia. Two and a half million of its subscribers are UK based.
