Business Social Network LinkedIn Gets $12 Million Funding

LinkedIn, the Palo Alto, CA-based business social network, has received $12.8 million in its third round of venture funding. The round was led by Bessemer Venture Partners and the European Founders Fund, and VentureBeat says this places a value of more than $250 million post-money.
The company will use the money for expansion into related business areas, such as its recently launched LinkedIn Answers, a service that allows members to ask business-related questions to their contacts.
The privately held company claims to be profitable and expects to hit $100 million in revenue by 2008; Sequoia Capital and Greylock invested nearly $15 million in the company previously, which launched in 2003 about six years after the initial notion by PayPal alum Reid Hoffman and Konstantin Guericke.
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