LivingSocial is talking to investors to raise between $400 million and $500 million in additional funding, according to a report in the Wall Street Journal.
The company got a $175 million investment from Amazon in December, but is apparently looking for more to stay within striking range of its number-one competitor, Groupon. The Journal reports it would like to get a couple big investments — think $100 million-plus — from some big-name “marquee” investors.
Both companies are expanding rapidly, mostly by adding new salespeople to convince small businesses to work with them. LivingSocial recently said that it is adding 150 employees per month.
The company said in December that it’s on track to book $500 million in revenue this year. Groupon is expected to book about $2 billion this year.