LivingSocial lost $558 million last year and its revenue came up to just $245 million, an Amazon filing with SEC revealed earlier this month.
We asked the daily deals site’s CEO and co-founder Tim O’Shaughnessy to explain this seemingly alarming discrepancy at our Social Commerce Summit.
“The reason that we raised so much money was not to go and have it sit in bank,” he said. “It was to go and build a moat and scale.” LivingSocial raised $176 million in 2011.
Watch below O’Shaughnessy hint that the company’s full financials will be revealed soon.
Produced by Kamelia Angelova, Robert Libetti and Jana Kasperkevic
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