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Jeremy Levine

Valuation over $1 billion

Jun 2008

The 5% stake acquired by Bain Capital, Bessemer, Sequoia, and Greylock in exchange for $53 million in funding values the company at $1.015 billion. Nye:

We have a long list of things our members are asking us to build and a list of investments we need to deliver that functionality

That includes expanding internationally, adding its mobile app, and rolling out new premium features. It doesn’t need the funds for day-to-day operations, and hasn’t yet spent the $12.8 million from the previous round.