LivingSocial Buys Majority Stake In Let’s Bonus, Expands Internationally
Social commerce startup LivingSocial this morning announced that it has acquired a majority stake in Europe’s Letâ€™s Bonus (which sounds an awful lot like “let’s bone us”, but I digress). The partnership brings LivingSocial operations to a total of ten countries, with the addition of Letâ€™s Bonusâ€™ Spain, Italy, Portugal, Argentina and Mexico presences. Terms of the deal were not disclosed.
LivingSocial says it now boasts more than 16 million subscribers, is live in more than 170 markets, and is projected to book in excess of $500 million in revenue in 2011.
Launched in September 2009 in Barcelona, Letâ€™s Bonus was one of the first European companies to ride the group buying wave. The startup offers daily deals with discounts of up to 70% on activities like gourmet dinners, luxury spas and romantic escapes.
Letâ€™s Bonus has a team of more than 200 employees and now has offices in Barcelona, Madrid, Valencia, Rome, Milan, Lisbon, Buenos Aires and Mexico.
Last year, LivingSocial acquired adventure company Urban Escapes, and launched three new verticals including LivingSocial Escapes, a travel site that offers savings on curated adventures, LivingSocial Family Edition and Campus Deals. In addition, LivingSocial has expanded its reach in Australia with a controlling stake in Jump On It.
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