LivingSocial, the social commerce site, added to its international expansion today with a controlling interest in Spains Lets Bonus.
The deal gives LivingSocial the ability to speak to consumers in Spanish, Italian and Portuguese, and gives the company presence in 10 countries. This is the second time LivingSocial has bought a controlling stake in a foreign firm. Last November, the company invested $5 million for a controlling stake in Australias JumpOnIt.com. Financial terms of the latest deal were not disclosed.
Launched in September 2009, Lets Bonus helped start the collective buying trend in Europe. The company offers daily deals with discounts of up to 70% on dinners, luxury spas and romantic escapes in ! cities l ike Madrid, Barcelona, Rome, Buenos Airees and Lisbon.
The move comes just one month after LivingSocial closed in on a round of financing totaling $183 million, most of which $175 million came from Amazon. The round brought LivingSocials total funding to date to $232 million. The company said at the time that it planned to use the funds to aid its global expansion.
That funding, however, has been dwarfed by LivingSocial rival Groupon, which just secured $950 million in funding.
Reviews: AustraliaMore About: groupon, Let's Bonus, LivingSocial
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