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Living Social Acquires Adventure Company to Improve Daily Deals
Daily deals site Living Social has raised in 2010 a staggering $44 million from repeat investors looking to capitalize on the group buying phenomena. Today, the Groupon competitor is announcing that it’s used some of that venture capital to purchase group adventure site Urban Escapes for an undisclosed sum.
Urban Escapes currently operates in Boston, Washington D.C., New York and Philadelphia. The service is targeted toward young professionals interested in participating in guided outdoor adventures, such as day trips to go snow tubing or longer getaways to Mexico.
LivingSocial designs to leverage the acquisition to introduce Urban Escapes’ curated trips to its 10 million e-mail subscriber base. The two companies will start by bringing Urban Escapes adventures to LivingSocial customers in five introductory markets.
LivingSocial currently operates daily deal sites in 95 cities across the U.S., U.K. and Canada. LivingSocial projects that it will pull in $100 million in revenue for 2010, which would be a remarkable improvement from the estimated $5 million to $10 million the startup made in 2009, according to a previous Inc.
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This post was written by David Moceri