Sales negotiations lead to $175m Amazon investment
Amazon has invested $175 million in LivingSocial.
The completion of sales negotiations between Amazon and LivingSocial has resulted in the online retailer making a $175 million (£112 million) investment in the website that lets customers find experiences at the best possible value.
In addition to an $8 million input of revenue from Lightspeed Venture Partners, LivingSocial will use the investments to continue to serve ten million customers worldwide.
"As the social shopping space continues to heat up, LivingSocial is committed to staying focused on providing the high level of quality that consumers and merchants have come to expect," said Tim O'Shaughnessy, chief executive of the company.
This latest news follows the firm's recent acquisition of adventure business Urban Escapes and its launch of three new verticals, including Campus Deals and LivingSocial Family Edition.
Earlier this week, Central European Distribution Corp (CEDC) - the Polish vodka maker - secured the global branding rights for Kauffman Vodka in a deal which also saw CEDC acquire the remaining stake of 20 per cent stake in the Whitehall Group.