LinkedIn gets cash for new enterprise social networking service

Business social networking site LinkedIn has secured £13.5m in funding from strategic investors.

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."

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