Lightspeed, IVP in $400M LivingSocial Round

4/5/11

Lightspeed Venture Partners and Institutional Venture Partners, both of Menlo Park, CA, are among the firms contributing to a $400 million fundraising round for Washington, DC-based daily deals site LivingSocial, according to reports from Dow Jones VentureWire and other publications today. Lightspeed joined Amazon and other existing investors in the round; IVP is a new investor. IVP partner Todd Chaffee told VentureWire that the Groupon rival is “highly profitable” and that the funds will be used to increase the staff, expand internationally, and pursue acquisitions.

Wade Roush is a contributing editor at Xconomy. Follow @

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