Four months after receiving a $175 million investment from Amazon (NSDQ: AMZN), LivingSocial has added $400 million in new funding. The huge round will help the daily deals site compete against archrival Groupon, which itself raised $950 million in funding earlier this year and is now reportedly plotting an initial public offering, which would provide it with even more cash to expand.
In a statement, LivingSocial doesn’t say who the new cash is coming from, only saying a “mix of world-class public and private investors, which includes new and existing investors” participated. In addition to Amazon, LivingSocial’s existing backers include Lightspeed Venture Partners, Steve Case’s Revolution LLC investment firm, and Grotech Ventures, who together had already put more than $225 million into the company.
LivingSocial says it now expects to be in 400 markets by the end of the year, up from its current 206, a figure that had already doubled since October (Groupon claims to be in more than 500 right now). LivingSocial recently added an add-on to its mobile app that lets users identify deals within a .5 mile radius of themselves. It’s currently live in Washington D.C., but the company says it will soon be rolling it out to new markets as well.
– The board: The daily deals site is also announcing that it has added Neil Ashe, the former president of CBS Interactive (NYSE: CBS), to its board of directors. Ashe left CBS Interactive last month.
See where LivingSocial’s leading competitor Groupon ranks on our latest list, The paidContent 50: The Most Successful Digital Media Companies In The U.S.