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New Investment Round Delays LivingSocial IPO

ASTRID RIECKEN For The Washington Post(WASHINGTON) -- Plans for the online daily deal provider LivingSocial Inc. to go public may be put on hold for the near future.  The company is now planning to raise up to $400 million in new securities offerings, according to The Wall Street Journal.

LivingSocial will likely use the funds for its current operations and expansion.

With the investment round valuing the company at around $6 billion, the #2 deals company behind the recently public Groupon Inc. already has $176 million in secured funds from current and new investors, a source told The Wall Street Journal.

Current investors, according to WSJ, include online retailer Amazon, Institutional Venture Partners, Lightspeed Venture Partners, Grotech Ventures and former AOL exec Steve Case.

Copyright 2011 ABC News Radio

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