LinkedIn hits 3 million members in the UK, eyes IPO in not so near future

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[UK] Business social network LinkedIn has hit a milestone in the UK, surpassing 3 million registered users in these parts. Kevin Eyres, Managing Director Europe at LinkedIn, announced the feat at a London event last night and on the company’s blog this morning.

LinkedIn founder and chairman Reid Hoffman attended the event as well, and told Reuters afterwards that the company plans to pursue an IPO at some point, but not any time soon.

This is in line with what Hoffman told us in February this year, when he told Michael Arrington in a video interview that LinkedIn could pursue an initial public offering at any time it wanted to, considering it’s been running at a profit for a couple of years already and still has massive growth potential (the company only recently started opening up to third-party developers).

Hoffman reiterated that point once again in an interview with Sarah Lacy at the TechCrunch50 Conference, saying that they’ll go public as soon as it makes strategic sense for them to do so.

LinkedIn reached a total of 45 million registered users in August 2009, and now counts about 53 million members around the world (that’s already 3 million more than the number of users it announced last month). The company has raised over $100 million to date, its 2008 $53 million round valuing it at a whopping $1 billion.

Interestingly, Hoffman also told Reuters that they haven’t yet spent a dime of their last round of financing ($22.7 million from McGraw-Hill and others).

My guess is they’ll look to the public markets by 2011.

  • JP Kab

    I have a LinkedIn account that I never, ever, ever, ever , ever use. In fact, all of my coworkers have accounts that they never, ever, ever use.

    I was told, “aww man, you gotta get on!” Well, I got on, started my account, and its useless. I get it, I get it, its for business networking. Well you know what? If it was half as useful as meetup dot com I would be all about it. But its not.

    • Jeremiah Lee

      Yea very true. When you are on Facebook and you try to connect with someone within maximum 2 days, they will accept your connection.

      On Linkedin, it takes about 2 – 3 months for someone to accept your connection request. Why?because no one spends time on Linkedin. It is so freaking frustrating, especially connecting with people on Linkedin.

      I am sure a lot of people are frustrated with similar issue with Linkedin.

      Also before they go public Linkedin needs to reveal how many users are paying customers. Because as of right now, they are not making money. Pretty far from it.

      • Robin Wauters

        They’ve been profitable since mid-2007

      • Jeremiah Lee

        Yes, that was the news that they released out. Based on what I was told from a former employee of Linkedin. Linkedin was getting “really close” to become profitable mid 2007 and they released the “profitable” news based on forecast. Unfortunately after July 2007, the economy started to take a turn and ad revenue started tanking. I was told LinkedIn generates more revenue from ads than from subscription. So mid 2007 was the only time Linkedin came close to making a profit but because they released the news based on forecast, they had to go with it.

        So did they become profitable. Close but no they did not. After mid 2007 until now, they are still not profitable. But maintaining that they are profitable, allows them to rise above Facebook, especially since during 2008 there was a lot of competition and comparison between Facebook and Linkedin especially among VC’s and bloggers.

  • Kamil Przeorski

    JP Kab
    I know people, who get really good job offers via LinedIn – but one rule, you need have your niche (generally niche in IT). So when someone have work for you, they will find you via LinkedIn.


  • Doug Wolfgram

    I have been a member since it started, I have never paid and I rarely use it. Too big, too awkward. I use Ecademy for international Business contacts as they understand the social side of networking. LinkedIn is like two ticks and no dog. Everyone wants to sell you something.

  • Dave mcclure

    I use it almost every day, certainly regularly on a weekly basis. incredibly useful for business networking, people research, reference checks, hiring, new business deals, etc.

    there are things I wish it did better / different, but it’s easily one of the top 10 most useful websites I visit regularly. I’m pretty sure they’ll be one of the most valuable web properties built in the post-dot-com-boom-bust era.

    Reid & team have done an incredible job building & growing one of the foundation sites on the web.

  • siri

    I use LinkedIn every day. I think its the best tool out there. I have in teh past not only got job offers from it (which I think is a minor thing) but use it to research and learn by using the groups. This is also a place where I exchange information with my fellow group members. I am also using it to generate leads. Once again I think the most useful website on the net!!!

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    great site

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  • ricosuave

    i would be interested to see the breakdown on number of users paying versus active users and the revenue from recruiters vs non. they may be concerned in opening the kimono as a large portion of revenue comes from recruiters paying to search /contact people. they probably need to broaden their revenue sources. many opportunities to do that now they have the users.

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  • Ravi

    Linkedin is very big in the recruitment industry almost equal alongside the major job boards (monster, careerbuilder) as a sourcing tool.

    Its Q&A section is better for certain niches as are the group discussions.

    Other useful uses are business development, lead generation, competitor intelligence, etc. Lots of data out there if you have a large enough network esp. once you break the 500 contacts barrier, you basically have access to @13 million profiles.

    It has a different set of strenghts than facebook and the overlap is small. It is especially strong in Europe, Asia for important tasks like job search, for entrepreneurs to network, etc.

  • Mark Smith


    I think LinkedIn is useful for info on specific professional topics and do use it on a monthly basis, but its not a ‘social network’ as is most commonly understood. Its specific to professional use. On a daily basis I use The labels feature keeps feeds filtered and topic-specific. No fluff. Great site.

  • Debalina Basu

    Well i too dont have a linkedin account…. coz i dont know much about it… rather how to use it!

  • Adi

    People have to remember that LinkedIn is no different to any other social media site. For instance if you go onto Twitter without any kind of strategy for using it and somehow expect value to fall at your feet then it’ll never happen.

    LinkedIn is just the same. You need a reason for going on there and a strategy for how to achieve that.

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  • Yamba

    It really has not taken off in Australia, but it does come in handy to make contacts with overseas customers from time to time.

  • Mark Littlewood

    I love some of the comments that come out of these discussions, however badly informed. LinkedIn is a professional network, it is not really for people to organise parties. If you use it sensibly, it generates huge value. As for someone preferring ecademy, I think that says a lot about them and less about LinkedIn.

  • פרילנסר

    yes it is a good site let you do a lot of things

  • פרילנסר

    to find friends too

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