Amazon Invests $175 Million Into LivingSocial

by Jordan Yerman | December 2, 2010 at 04:05 pm

103 views | 0 Recommendations | 0 comments

LivingSocial Gets $175 Million from Amazon

Even as rumors swirl around a potential Google buyout of Groupon, Amazon has invested $175 million into daily deal site LivingSocial.

LivingSocial is already well into revenue, bringing in over $1 million a day. LivingSocial bought Urban Escapes, allowing it to expand its offerings.

Currently, Groupon totally dominates the daily deal scene, with LivingSocial a far-distant second place. Will this new lifeline allow LivingSocial to gain ground by expanding its verticals even further?

"To be the biggest player in the local commerce space there is no one better to work with than Amazon," said Tim O'Shaughnessy, CEO of LivingSocial. "As the social shopping space continues to heat up, LivingSocial is committed to staying focused on providing the high level of quality that consumers and merchants have come to expect when working with us."