LinkedIn receives $22.7 mln funding

BANGALORE, INDIA: When the whole world is discussing regarding economy slowdown, recession, etc., LinkedIn, the business-networking site, has raised an additional $22.7 million in funding.

This was announced by the Dan Nye, CEO of LinkedIn on Wednesday in a blog posting on his company's site.

"I'm happy to announce today that we've received strategic investments in LinkedIn totaling $22.7 million from market leaders in the enterprise software, investment banking and business information sectors; all of whom believe in the power of LinkedIn as a way to connect professionals and help them be effective," said Nye.

The funding includes world-class strategic investors Goldman Sachs, The McGraw-Hill Companies, and SAP ventures; as well as a re-investment by Bessemer Venture Partners.

"This financing is a follow-on of the Series D round of funding we announced in June of 2008, in which we raised $53 million. Led by Bain Capital Ventures, LinkedIn’s Series D financing round has raised $75.7 million." he added.

He added: "I'd like to reiterate our commitment to creating the right partnerships to help us build a great service for over 30 million professionals on LinkedIn today, a number that's growing by leaps and bounds each month. This funding strengthens LinkedIn further, and will help us to continue creating additional services for professionals to connect and collaborate more effectively, around the world."