Monday, January 29, 2007

VC's Opt-in for LinkedIn (can you say $12 million?)

Speaking of networking, recruiting, jobs, etc, LinkedIn is poised to announce a previously rumored $12.8 million round of financing on Monday, led by Bessemer and the European Founders Fund. The company, which has been profitable since March 2006, has raised $13.4 million in two previous rounds of financing, bringing the total to more than $26 million.

The company had something north of $10 million in revenue in 2006, and says they’ll do substantially more than that in 2007. LinkedIn Answers, which launched earlier this month, has been a huge success, they say. LinkedIn has 70 employees, up from 45 a year ago. They claim 9 million worldwide users, and are adding 100,000 or so new users per week.

The valuation of the financing round is not being disclosed by the company, but it is rumored to be around $250 million.

LinkedIn’s European competitor, Xing, is currently generating about €2.8 million in revenue per fiscal quarter, or $3.6 million. The company was valued at about $200 million when it went public in December 2006.

source: TechCrunch

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