LinkedIn, the social networking site that aims at professionals rather than teens or casual users, has raised $53 million in its fourth round of funding, bringing its total funding to $80 million, and a valuation on the company of $1 billion.
Unlike many social networks, LinkedIn is profitable, using premium subscriptions and advertising to make money, making sure it’s very different from the heady days of the dotcom bubble.
"Back in the bubble, people only had advertising based around online ads. We have three other business models," LinkedIn’s European chief executive Kevin Eyres told the BBC.
It’s still far behind Facebook, which has been valued at $15 billion and has 240 million members. LinkedIn claims 23 million members, with another 1.2 million joining each month.
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