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Social media venture funding soars

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Los Angeles—Social media startups are the darlings of venture capital companies, with about $2.23 billion invested in social companies in the second quarter of this year, almost 2½ times higher than the $643 million invested in the year-earlier period, according to a new report from Wedbush Securites. According to the Wedbush report, ”The Second Internet,” much of the recent money has gone to companies providing daily deals. LivingSocial gained a $410 million infusion during the quarter, and the Chinese deals site 55tuan garnered $200 million. Boosting the investment frenzy are large social media companies, such as Groupon, LinkedIn and Pandora, going public and returning big paydays to investors.
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