LinkedIn has raised $53 million from Bain Capital Ventures, Sequoia Capital, Greylock Partners, and Bessemer Ventures. The investment values the business social network at just over $1 billion.

We reported in early May that Allen & Co was out trying to pitch LinkedIn at that valuation. It turns out the company was not actually working with any bank to get this deal, but it still got a 10-figure valuation anyway.

As part of the deal, Jeff Glass of Bain Capital Ventures – the newcomer to LinkedIn’s investor list – will join the board.

The additional $53 million is on top of $27 million raised over three previous rounds and brings LinkedIn’s total funding to $80 million. In contrast, Facebook has raised almost $500 million. More direct competitors Doostang and Visible Path (acquired in December) raised $4.5 million and $24.7 million respectively.

Several of LinkedIn’s investors are shown in a video below discussing this investment and the company’s prospects: