Around the Net

LivingSocial Loses Co-Founder

LivingSocial co-founder Eddie Frederick is relinquishing his dual roles as president and board member of the company, reports StartupStats, citing an internal memo. In the memo, LivingSocial CEO Tim O’Shaughnessy said Frederick was “moving on to new challenges and adventures.” In an emailed response to the memo, Frederick said: “The opportunities in local ecommerce are enormous, and I’m more confident than ever that livingsocial has just the right team to capitalize on them.”

“LivingSocial is the direct competitor to Groupon, which went public late last year,” StartupStats’ Nick O’Neill notes. “It’s also anticipated that LivingSocial will soon file to go public which makes me wonder about the timing.” Frederick is credited as the original creator of Visual Bookshelf -- “the app that served as the motivation behind creating Hungry Machine (the company which formed LivingSocial).”

Last December, LivingSocial closed a series F round of financing worth $176. At the time, Frederick speculated that the funding, and a reported $6 billion valuation, could let the company put off an IPO for the foreseeable future.

 


advertisement

advertisement

Read the whole story at StartupStats »

Next story loading loading..