Linkedin Co-founder Planning An IPO In The Future
November 25, 2009 8:58 AM
LinkedIn co-founder and executive chairman Reid Hoffman told Reuters that they will be pursuing an initial public offering in the future. LinkedIn is the largest professional social network with over 53 million members around the world.
"Probably at some point a balance will occur when that's the right thing. That will not occur in the near term," said Hoffman at an event in London to celebrate the network's reaching 3 million users in Britain.
LinkedIn members can manage their professional profiles online, which helps them find important business contacts or jobs. The company raised $76 million in its last funding round in 2008, and was valued at $1 billion.
LinkedIn is backed by Goldman Sachs (NYSE: GS), McGraw Hill (PINK: MGHRF), SAP Ventures and Bessemer Venture Partners.
Very recently, former top Yahoo (NASDAQ: YHOO) executive Jeff Weiner joined LinkedIn as its chief executive. LinkedIn has also announced partnerships with Microsoft (NASDAQ: MSFT), Twitter and BlackBerry maker Research in Motion (NASDAQ: RIMM).
