Amazon to invest $175 million in LivingSocial
News Amazon to invest $175 million in LivingSocial
Yesterday we reported that Amazon was preparing to purchase an investment stake in daily deal giant LivingSocial, following Google’s $5.3 billion bid for market leader Groupon.Today, Amazon has announced an investment of $175 million in the site, a deal that will put the two companies in a “deep operating partnership.”
LivingSocial will use the massive cash infusion to expand to more countries.
The site is currently available in the U.S., Canada, the U.K., Ireland and Australia. For those nations, the deals are available in 120 different cities.
LivingSocial says it is expanding at a rate of just under one new city per day. The site has 10 million users.
Rival Groupon is available in 300 cities and has 35 million worldwide users.
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