LinkedIn gets investment boost

23 October 2008 16:16 GMT / By Katie Scott

It's doom and gloom for everyone apart from the business social networking website, LinkedIn.

The website has managed to secure a whooping $22.7m in new funding to help extend its network around the world.

Amongst those reinvesting in the web company was venture firm, Bessemer Venture Partners, but there was also new investment from Goldman Sachs (which is incidentally planning on sacking 3200 staff), The McGraw-Hill Companies and SAP Ventures.

LinkedIn has already won $53m in funding from a group led by Bain Capital Ventures in the summer.

Doug Higgins, partner at investor SAP Ventures, told Media Week: "We made this investment because we believe that when Web 2.0 technologies are thoughtfully applied to the enterprise, they can produce significant efficiencies for small, medium and large companies".

Full tags

Biz, Websites, Social networking, LinkedIn, Online