LinkedIn raises $53m in funding

LinkedIn, a networking site for professionals, has raised $53m (£27m) of new funding from investors.

The financing by venture capitalists values the Silicon Valley start-up at more than $1bn, reflecting investor confidence in online communities.

Five-year-old LinkedIn has 23 million members worldwide and attracts 1.2 million new members every month, according to the the company. LinkedIn connects people in the workplace, helping them search for new jobs and make professional contacts, whereas people use sites such as Facebook, MySpace and Bebo for social reasons. Networking sites have been on the rise since Microsoft paid $240m for a 1.6% stake in Facebook last year. That deal valued Facebook at $15bn. Read more…..

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