LivingSocial raises $400 million in new funding

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Washington, D.C.—In one of the largest venture funding deals of the year, daily deals company LivingSocial has gained $400 million in new underwriting to help it compete against market leader Groupon.

The new infusion adds to the $175 million LivingSocial raised in December from The company did not release the names of its new investors, but said in a statement that they consist of “a mix of world-class public and private investors, which includes new and existing investors.”

LivingSocial said it anticipates being in 400 markets by the end of this year, compared with Groupon's current presence in 500 markets.

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