LivingSocial’s expansion plans may include $500 million in new funding D.C.-based LivingSocial, in a bid to satisfy its craving for a larger slice of the social media pie, is courting investors for more funding.
LivingSocial, an online daily discount coupon distributor, has contacted venture capital firms and large institutional investors in a quest for cash that would allow it keep up with rival Groupon Inc. and support its goals of reaching 300 markets by year’s end.
The amount of funding that could be on the way is a matter of some speculation. The Wall Street Journal reported that it could reach $500 million, led by $100 million from a handful of marquee investors. Bloomberg News reported that the funding could reach $400 million. At that level, Bloomberg calculated that LivingSocial would have a value of $2 billion.
The new funding would come on the heels of $175 million that LivingSocial raised three months ago from Amazon.com.
Morton’s Steakhouse seeks a buyer
Business is up at Morton’s, so it seems like a good time to sell.
Morton’s Restaurant Group, which operates 77 restaurants, including six in the Washington area, has hired Jeffries & Company Inc. to explore strategic alternatives, including a possible sale of the company.
Morton’s business is doing well, with sales up 5.3 percent in 2010 to $296.1 million, but says it’s seeking ways to boost shareholder value.
