Amazon invests $175M in Groupon competitor

SAN FRANCISCO (AP) - December 3, 2010

Similar to popular online coupon site Groupon, LivingSocial lets users sign up for daily discounts that are generally for 50 to 70 percent off at local businesses like pizzerias and hair salons. If you refer three friends who end up buying the same deal, you get the deal for free.

LivingSocial, which also snagged $8 million more in funding from Lightspeed Venture Partners, says that it will use the investments to grow its business, which has over 10 million subscribers.

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