Business social networking site LinkedIn has secured £13.5m in
funding from strategic investors.
It has received the money from Goldman Sachs, The McGraw-Hill
Companies, and SAP Ventures, the investment arm of the business
software provider. It has also received more cash from Bessemer
Venture Partners as part of the total sum.
This financing follows earlier funding received in June to the
tune of £31m.
"We secured this investment with innovators in enterprise
software, investment banking and business information who see the
potential to create value and transform industries through the
LinkedIn platform," said LinkedIn CEO, Dan Nye.
"These leading companies understand that LinkedIn is building a
network with broad and enduring value."
Over 30 million professionals use LinkedIn to solve business
problems, manage their professional relationships and control their
professional identities online, said the firm.
Although standard LinkedIn accounts are free, the company earns
revenue through advertising, premium subscriptions, corporate
solutions and job listings. LinkedIn recently added a new line of
revenue with LinkedIn Surveys.
"SAP Ventures is extremely excited to partner with one of the
leading internet companies in the world," said Doug Higgins,
partner at SAP Ventures. "We made this investment because we
believe that when Web 2.0 technologies are thoughtfully applied to
the enterprise, they can produce significant efficiencies for
small, medium and large companies."