Lessening the chances of an imminent IPO, Facebook has quietly raised another $120 million from Elevation Partners, TechCrunch
reports, citing "a recent letter to its limited partners." In
exchange, the VC firm has secured another 5 million shares of the top social net. In November, Elevation secured 2.5 million shares for $90 million. "That November deal has already gone up 2.5 times
in value in a short eight months, making Facebook one of the better performing deals in Elevation's portfolio and an enviable holding for any firm," writes TechCrunch.
"Even though the
bulk of Elevation's Facebook shares were purchased at the more recent price, if you blend the two deals, there's still an on-paper gain." Together, Elevation's 7.5 million shares were purchased at a
$14 billion valuation, and Facebook is "trading" at upwards of $24 billion on the secondary market, today, according to the industry blog.
Read the whole story at TechCrunch »