Business networking startup LinkedIn is announcing today that it has raised another $22.7 million, on top of the $53 million D round it closed last June at a $1 billion valuation. The new round is a follow-on to the series D at the same valuation, bringing on strategic investors SAP, Goldman Sachs, and McGraw Hill. Existing investor Bessemer Venture Partners also participated. This brings the total capital LinkedIn has raised to just over $100 million.
The round actually closed last month, before the financial markets began their tailspin. More cash in the bank is always a good thing, especially now. LinkedIn has 370 employees and says that revenues are growing more than 100 percent a year. “The company as been profitable since 2006,” CEO Dan Nye tells me. Although that might change this quarter, he cautions.
The extra cash should help him weather the storm. He might even one use some of that money for acquisitions.