UpdatedProfessional networking site LinkedIn has raised another $22.7 million, bringing its total backing to slightly more than $100 million. The new funding is an addition to the round that LinkedIn raised in April at a valuation of more than $1 billion.
Interestingly, the money came from strategic backers SAP Ventures, Goldman Sachs and McGraw-Hill, rather than the venture firms that previously backed the Mountain View, Calif. company. [Update: A company spokesperson says one of LinkedIn's venture investors, Bessemer Venture Partners, also participated.] Chief executive Dan Nye tells the Wall Street Journal that the funding gives LinkedIn a stronger position from which to make acquisitions and other moves. That’s basically the same rationale that founder Reid Hoffman gave us a few months ago.
Hoffman also told us that LinkedIn was looking at a possible IPO at some point in the indefinite future. The recent Wall Street crisis — not to mention the generally crummy market for IPOs — has probably moved that point even further into the future, but on the other hand layoffs and economic uncertainty are driving up the site’s usage and membership, particularly by the finance industry.
Nye says LinkedIn has grown from 60 to 370 employees in the past 18 months, but is now slowing down its hiring.