Entrepreneurs Continue To Make Big BucksPublished by Fred • June 19th, 2008 RSS News Feed
Just over one year ago, I remember a casual dialog I had with the founder of LinkedIn. He was a really nice guy, was trying to market his new linked in site and sent me an invitation to create a profile. When I saw it, I thought it would be a winner and I liked most aspects of the design. Now, the NY Times is reporting that a round of funding generated well over fifty million dollars and the latest valuation of the business puts LinkedIN at over one billion dollars. That is almost double that paid for myspace by News Corp.
On Wednesday, LinkedIn will announce that it has raised $53 million in capital, primarily from Bain Capital Ventures, a Boston-based private equity firm. The new financing round values the company at $1 billion. That heady valuation is more than the $580 million that the News Corporation paid for MySpace in 2005, but less than the $15 billion value assigned to Facebook last year when Microsoft bought a minority stake.