LinkedIn raises $53m in funding: BBC

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.

Bain Capital Ventures led the site's latest round of funding, giving investors a 5% stake in the firm.

Existing partners Sequoia Capital, Bessemer Venture Partners and Greylock Partners also invested in the site.

The company has so far raised a total of $80m in funding after the latest round of money-raising, the site's fourth so far.

The company, which is profitable, makes money from advertising and premium subscriptions.

LinkedIn's European chief executive Kevin Eyres said the firm's business model was different to that of many start-ups of the dotcom boom of the late 1990s.

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