Group-buying website

LivingSocial is a US based group buying company that bought a stake in local group-buying site Jump On It for a reported $US5 million in November 2010.

Like Groupon, Living Social in was of the major players in the group-buying market worldwide.

Originally founded as Hungry Machine in 2007 by 5 employees the company create the PickYourFive Facebook application and eventually because the leading developer of Facebook applications based on number of page views.

LivingSocial went on to launch a daily deals service in 2009 and has become the company's most profitable venture so far.

Recently LivingSocial collected $400 million in funding, with investors valuing the company at $3 billion. Worldwide the company sells $1 million worth of coupons and is projected to take in over $500 million in 2011.

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