June 18th, 2008
Dumb - really dumb
$1 billion? Get ready for DotBomb 2.0
SAN FRANCISCO (AP)—Four venture capital firms are betting Internet startup LinkedIn Corp. is worth $1 billion, highlighting the lofty hopes riding on online services that connect people with their friends, family and business associates.
The 10-figure valuation is implied by a $53 million investment being announced Wednesday from Bain Capital Ventures, Sequoia Capital, Greylock Partners and Bessemer Venture Partners.
The investors received a combined 5 percent stake in Mountain View-based LinkedIn, whose 5-year-old Web site helps people use the Web to advance their professional careers.