Groupon Rival Raises an Additional $400 Million in Funding

Rival to online coupon site Groupon, LivingSocial is far from the household name and valuation of its competition. It raised $400 million in a round of financing recently, though, as it appears investors are licking their chops at social companies. According to a Reuters report, "The latest round values the company at about $3 billion, according to a source familiar with situation, and underscores the popularity of social deal sites where consumers seek out discounts at restaurants and retailers." Groupon recently turned down a $6 billion bid from Google GOOG, in favor of staying privately owned for now. LivingSocial has now raised more than $600 million in funding. LivingSocial spokeswoman Maire Griffin said on Tuesday that the company would use the financing on "aggressive domestic and international growth and continued product innovation." The $400 million round of funding was originally reported by the Wall Street Journal, which said Amazon AMZN was among the companies that took part in this financing round.