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LinkedIn added $22.7 million in Series D to bring the total to $75.7 million, a substantial amount of funding, adding to the networking site’s capital in a time of economic crisis. The ‘strategic’ investment came from Goldman Sachs, SAP Ventures, and The McGraw-Hill Companies, and also from longtime investor Bessemer Venture Partners.
The latest funding round brings LinkedIn’s tally to just over $100 million. Where just recently the company was valued at $1 billion. Dan Nye, LinkedIn’s CEO, states:
“This funding strengthens LinkedIn further, and will help us to continue creating additional services for professionals to connect and collaborate more effectively, around the world.”
LinkedIn differs from other social networking sites such as Facebook and MySpace, as its average member is 41 years old and earns about $110,000 a year. Meaning that LinkedIn is aimed more at professionals and can attract premium advertisers, whilst charging quite a bit for ads (reportedly $75 per thousand impressions).
All said and done, Nye is keeping the current economic conditions in mind, as the networking site has slowed its hiring rate, after growing from 60 to 370 employees, in the past 18 months.
