Menlo Park-Based USVP Leads $25M Round for LivingSocial

Menlo Park, Calif. -- U.S. Venture Partners, the Menlo Park-based venture capital firm focused on the technology sector, has led a new $25 million round of funding for LivingSocial, the Washington, DC-based developer of several popular social networking tools and a new social commerce service. Grotech Ventures and Steve Case's Revolution also contributed to the company's second round. The company said that it will use the funds to launch LivingSocial Deals -- its new group buying program that offers at least 50% off each day at various local restaurants and attractions -- in Chicago, Denver, Raleigh Durham and San Diego. The service now operates in 13 markets, including San Francisco. Users sign up to receive daily emails or iPhone notifications featuring one offer a day. When someone purchases the deal, they receive a unique link to share, and if three other people buy the deal using the link, their deal is free. "Online group buying is a movement that is clearly resonating with consumers," said Tim O'Shaughnessy, the CEO of LivingSocial. "This round of funding enables us to accelerate our growth throughout more cities." LivingSocial also is the creator of popular Facebook applications "Visual Bookshelf" and "Pick Your Five,"
https://livingsocial.com 
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