LinkedIn Raises $22.7 Million from Goldman Sachs, The McGraw-Hill Companies, SAP Ventures and Bessemer Venture Partners
Mountain View, CA – October 23, 2008 – LinkedIn Corporation today announced that it has secured $22.7 million in new funding from world-leading strategic investors Goldman Sachs; The McGraw-Hill Companies; and SAP Ventures, a division of SAP AG; as well as a re-investment by Bessemer Venture Partners. This financing is a follow on of the Series D fundraising round Linkedin announced in June of 2008, in which the company raised $53 million in funding led by Bain Capital Ventures. The valuation for the Series D was just over 1 billion dollars for the $75.7 million raised.
“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. LinkedIn members represent more than 170 industries, 150 countries, and include executives from all of the Fortune 500 companies. LinkedIn is currently growing at a rate of half a million new members a week. Members experience the benefits of the purpose-driven network by finding new ways to interact and do business. While 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.”
“We are delighted to enhance our strategic partnership with LinkedIn, which helps BusinessWeek readers network with others and provides LinkedIn users with broader access to content,” said Glenn S. Goldberg, president of Information & Media for The McGraw-Hill Companies. “We look forward to developing additional opportunities to connect business professionals and to serve their information needs through BusinessWeek and our other respected franchises.”
“In today's economy we spend more time tending to our professional networks, and so it's no surprise that LinkedIn continues to grow in membership and engagement,” said David Cowan, partner at Bessemer Venture Partners.
About Goldman Sachs
The Goldman Sachs Group is a bank holding company and a leading global investment banking, securities and investment management firm. Goldman Sachs provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.
About The McGraw-Hill Companies
Founded in 1888, The McGraw-Hill Companies is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor’s, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2007 were $6.8 billion. About SAP Ventures SAP Ventures invests in innovative and disruptive software and services companies globally. We pursue opportunities across all stages for outstanding financial return. Our goal is to bring substantial benefit to all parties by facilitating interaction between portfolio companies and SAP and its ecosystem of customers and partners. SAP Ventures has a successful track record of building industry-leading companies by partnering with outstanding entrepreneurs and top-tier venture capital firms since 1996.
About Bessemer Venture
Partners Bessemer Venture Partners is a global investment group with offices in Silicon Valley, Boston, New York, Bangalore, Mumbai, Beijing, and Tel Aviv. As the oldest venture capital practice in the United States, BVP has partnered as an active, hands-on investor in Ciena, Ingersoll Rand, Parametric, Skype, Staples, VeriSign, and W.R. Grace, among many others. More than 100 BVP-funded companies have gone public on exchanges in Canada, India, London, and the United States.
About LinkedIn
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, over 30 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. LinkedIn is backed by world-class investors including Sequoia Capital, Greylock Partners, the European Founders Fund, Bessemer Venture Partners, Bain Capital Ventures and now Goldman Sachs, The McGraw-Hill Companies and SAP Ventures.