LinkedIn adds $22.7 Million in series D funding
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Bangalore: Counting on businesses using more and more of its Web 2.0 tools for the enterprise despite the economic downturn, LinkedIn has added $22.7 million in new strategic funding to its Series D round. The funding was provided by new investors Goldman Sachs, McGraw-Hill Companies and SAP Ventures, a division of SAP AG, as well as existing investor Bessemer Venture Partners. The new funding adds on to and is at the same valuation - just over $1 billion - as the $53 million series D led by Bain Capital Ventures that was announced in June. The company has raised just over $100 million in total from Sequoia Capital, Greylock Partners, European Founders Fund and the new investors. LinkedIn's business lines include advertising, premium memberships for researchers, sales people and the like, job listings, recruiting tools for large companies and a new survey service for large market research companies to find people in specific niche areas. The revenue is split about evenly among the first four areas, with the survey service just starting. LinkedIn has not seen any 'major impact yet' from the economic environment, according to Patrick Crane, vice president of marketing and advertising. But the company's business lines provide some cushion from the economic downturn and a number of options to make adjustments depending on changing conditions, he said. The new funding will allow for potential acquisitions, Crane said.

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