LivingSocial Spends $5M For Controlling Stake In Social Shopping Site JumpOnIt
Social commerce startup LivingSocial is expanding to Australia, acquiring a controlling stake in the existing leading social shopping site, Jump On It, rather than competing with them head-on. Ironically, it looks like the Jump On It is currently down.
The agreement involves an investment of $5 million by the Washington, DC-based Groupon rival, and Jump On It will fold into LivingSocialâ€™s branded Daily Deals. Together with LivingSocial, Jump On It says it will now reach more than 1.2 million Australians via email and Facebook – where it has attracted over 550,000 ‘fans’ – every day.
This recent expansion means LivingSocial is now operational in most English-speaking countries, including Australia, the U.S., Canada, UK and Ireland.
LivingSocial says it currently boasts 10 million subscribers across more than 100 markets worldwide, earning them $1 million a day, and adds that they project to book more than $500 million in revenue in 2011.
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