LinkedIn, the professional social networking site has secured an extra $53m (£27m), to fund its expansion plans in Europe, which takes the company’s value to $1bn.
LinkedIn now has 23 million members worldwide, with the UK making up one million members and more than six million in Europe. It allows professionals to keep in touch with contacts and former colleagues, and has representatives from more than 170 industries.
The funding, led by global private investment firm Bain Capital, allows the networking site to begin European expansion.
Commenting on the investment, Kevin Eyres, European managing director at LinkedIn, said Europe was an “integral part” of LinkedIn’s growth strategy, adding: “As the competitive landscape continues to widen and business knowledge-sharing goes global, the importance of being linked closely to both local and international markets becomes critical.”
Jeffrey Glass, a venture partner at Boston-based Bain Capital Ventures, said: “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.”
Related Links
