The investment announced Thursday was made by one of LinkedIn's long-time backers, Bessemer Venture Partners, and three newcomers — the venture arm of business software maker SAP AG, banker Goldman Sachs Group Inc. and The McGraw-Hill Companies Inc., which publishes Business Week.
The deal values privately held LinkedIn at slightly more than $1 billion, the same appraisal assigned the Mountain View-based company when it raised $53 million in June.
LinkedIn hasn't drawn on any of that money yet, but still thought it was prudent to have more money in the bank as the economy slumps amid a credit crunch, said Dan Nye, LinkedIn's chief executive officer. He also said LinkedIn wanted the extra cash in case an enticing acquisition opportunity crops up.
LinkedIn raises $22.7 million
Posted on Friday, October 24 2008 @ 3:26 CEST by Thomas De Maesschalck