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January 19, 2011

LivingSocial Offers 50% Off at Amazon

It seems to be a to be a record-breaking day for the Online social Shopping  deal site LivingSocialA little more than a month after Amazon invested $175 million in the startup, LivingSocial is offering users a deal to purchase a $20 gift card to Amazon.com for $10.
The deal is available to LivingSocial members in all 170 markets and runs from now until 8 a.m. ET on Thursday.
More than 230,000 vouchers have been purchased two hours after the offer went live, meaning that the deal has already generated $2.3 million in gross sales for the startup — not bad, especially given that members are limited to one voucher per person.

Living Social specialize in daily deals offered in cities across the United States, as well as in Canada, Europe (at present only the UK and Ireland), and Australia. As of September 22, 2010, LivingSocial serves 89 markets The company first claim to fame was their Visual Bookshelf application on Facebook which was the first and largest application allowing users to catalog and share their favorite books with friends. Later they released PickYourFive and Polls applications which made them the number one application developer on Facebook as measured by page views.

Most recently, US Venture Partners and Grotech invested an additional $10.23 million of equity offering to the company. Its fundraising for 2010 comes to $50 million.