LivingSocial Looks to Raise $400 Million in Funding

Daily deals leader and Groupon competitor LivingSocial is aiming to bring in $400 million in a new round of funding that gives the company a valuation of approximately $6 billion, according to Bloomberg.

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The news site reports that the Washington-based company has already raised $176 million towards their end goal. The funding will be a combination of equity and debt, says Bloomberg, citing an individual close to the matter. (Related: Citi’s Former Mobile Guru Named LivingSocial’s SVP of Merchant Solutions)

LivingSocial spoke with banks earlier this year regarding a $1 billion IPO but backed off after seeing other companies, including Groupon, struggle with their own offerings in the current, volatile economy. 

Aiming to raise $480 million to $540 million in the public markets, Groupon on Oct. 21 released a valuation between $10.1 billion and $11.4 billion, according to AllThingsD. A copy of the report Groupon shared with investors during its road show is available here.

Click here to read more on LivingSocial’s latest funding round efforts.