LinkedIn Receives $12.8 Million
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If $10 Million makes you smile, what about $12.8 Million?
LinkedIn raised $12.8 Million in their third round of funding.
What is LinkedIn?
LinkedIn is an online business networking site. As of the writing of this article they have over 9 million professionals from around the world, representing 130 industries.
Bessemer Venture Partners and European Founders Fund invested.
What will they use this funding for?
We are not sure but while they dominate the business networking sites in the United States, they have only begun in Europe with 2.5 million users and lags behind competitor Xing (OpenBC) in Germany. Potentially they intend to continue to expand in foreign markets.
They are profitable. They are profitable. They are profitable. Yes, I wrote it three times, it is that impressive and they should be applauded. Revenues are drawn from sponsorships, job postings, and premium services for their customers.
The total network is 9 million strong in North America, Asia and Europe. They are adding over 100,000 users a week. They have doubled in size since this time last year.
You may join LinkedIn for free and create a profile, with information such as your schooling, current employment, and past employment. Your profile helps you find and be found by former colleagues, clients, and partners.
You may add others as connections by inviting them to join LinkedIn or finding them through the search function. Once they accept your invitation they become part of your network. Why do you want a network? Let’s assume you are looking for a job at XYZ company and you see the HR Director is a member of LinkedIn. You also note that your friend Joe is connected to the HR Director. Therefore you ask Joe to make an introduction, since Joe is a trusted connection of the HR Director, his introduction makes it to the them and you are soon contacted directly by the HR director. Many other uses apply.
From the LinkedIn site “Your network consists of your connections, your connectionsâ€™ connections, and the people they know, linking you to thousands of qualified professionals.”
Here is an example of my profile on LinkedIn here and one of the many graphical buttons LinkedIn provides to promote your profile here: , check it out and join my network.
See their site here.
Read more about Reid Hoffman here.
Read more about Bessemer Venture Partners here.
Read more about European Founders Fund here.