LivingSocial has picked up $400 million in funding as part of its push to win market share in Australia’s daily deals sector. CEO Colin Fabig announced the funding today, saying it highlighted the strength of the daily deals sector in Australia.
“This latest round of funding from a respected group of investors will enable LivingSocial to remain the leading player in the daily deals market, and continue to grow in Australia,” he said.
Since its launch in November last year, LivingSocial has attracted more than two million regular followers across email and social networking in conjunction with Australian sister site Jump On It. It is grappling with over 20 other group buying players in the Australian market.
But Fabig is confident about LivingSocial’s progression in the market both in Australia and abroad. Globally, Living Social has over 25 million subscribers across 250 markets. Fabig claims LivingSocial is tipped to take over market leader Groupon in both market share and revenue by January 2012.
Not sold on group buying? Sold, and just don’t know who to choose? Wait for the May issue of Dynamic Business, where we talk to five of Australia’s biggest players and ask why group buying is the best marketing tool for your small business.
