LinkedIn Secures $53M of Funding Led by Bain Capital Ventures
Mountain View, CA — June 18, 2008 — LinkedIn Corporation, creator of the world’s largest professional network, today announced that it has secured $53 million in funding led by Bain Capital Ventures with additional reinvestment from the company’s existing investors including Sequoia Capital, Greylock Partners, and Bessemer Venture Partners. This fourth and largest round of funding is based on the company’s rapid member growth, multiple business lines and future opportunity.
LinkedIn’s current revenue streams include advertising, subscriptions, job listings and corporate hiring solutions. The company is in the process of launching several new lines of business. “LinkedIn’s strong global growth and solid business model are the foundation of this investment”, said Dan Nye, Chief Executive Officer of LinkedIn. “In this global economy and information age, LinkedIn serves an invaluable purpose. Today’s professionals turn to LinkedIn to find valuable information, opportunities and advice, and to present themselves on the Internet in a credible and professional way.”
Over 23 million professionals use LinkedIn to solve business problems, manage their professional relationships and control their professional identities online. LinkedIn members represent more than 170 industries, 150 countries, and include executives from all of the Fortune 500 companies. Regarded as the premier online professional networking destination, members experience the benefits of purpose-driven networking by finding new ways to interact and do business.
“Unlike other online networks, user engagement on LinkedIn actually increases over time, a strong testament to the ongoing value that LinkedIn members derive from the experience. Our investment in LinkedIn is based on the company’s opportunity, solid and diversified business model, smart strategy for growth and strong management team,” said Jeffrey Glass, Partner, Bain Capital Ventures. “We look for companies that offer sustainable return on our investment with many multiples, and we expect LinkedIn will deliver by being essential to millions of professionals around the world.”
About Bain Capital Ventures
Bain Capital Ventures is the Boston-based venture capital group of Bain Capital, whose affiliates manage over $50 billion of assets. Founded in 1984, Bain Capital and its affiliates have invested in over 230 companies with such notable successes as Doubleclick, Gartner Group, Taleo, Profitic Logic, m-Qube and Staples. Bain Capital’s history of investing in early stage companies dates back to 1984, having made over 120 venture-stage investments since inception. Since 2000, the dedicated venture group has focused exclusively on growth investments. Bain Capital Ventures currently has over $1 billion under management and invests in software, wireless, information-services, healthcare, technology-driven business services, retail, internet and consumer businesses. Bain Capital Ventures makes investments across all stages of a company’s growth: from providing seed capital through offering late stage growth equity.
LinkedIn takes your personal business network online, giving you access to people, jobs and opportunities like never before. Built upon trusted connections and relationships, LinkedIn has established the world’s largest and most powerful business network. Currently, more than 23 million professionals are on LinkedIn, representing all five hundred of the Fortune 500 companies, as well as a wide range of household names in technology, financial services, media, consumer packaged goods, entertainment, fashion, and numerous other industries.