LivingSocial has raised $400 million to fund expansion, as the US online coupon seller looks to take on its larger rival Groupon.
The investment round, led by current investors Amazon and Lightspeed Venture Partners, and new ones like Institutional Venture Partners, valued the company at about $3 billion.
LivingSocial has been growing at an exceptionally rapid pace in recent months that closely mirrors the early growth of Groupon.
Reports indicate the company is on track to generate US$1-billion in revenue this year, fully double the annual revenues it projected to make in 2011 just four months ago.