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Business social network LinkedIn has raised $12.8m (£6.5m) in a third round of funding, led by Bessemer and the European Founders Fund.

The move brings the total invested in LinkedIn to more than $26m (£13.2m), and valued the company at $250m (£127m).

LinkedIn's network currently has 9m users, while it claims to be adding around 100,000 new ones every week.

It has predicted that it will earn revenues of up to $100m (£51m) in 2008 - through advertising, subscriptions and job listings. Its turnover was around $10m (£5.1m) last year.

LinkedIn said it intends to use the capital to launch new services, such as the recently launched LinkedIn Answers, and to expand its presence in Europe, where it faces competition from other networks, such as German business network Xing.

Graham Charlton

Published 29 January, 2007 by Graham Charlton

Graham Charlton is the former Editor-in-Chief at Econsultancy. Follow him on Twitter or connect via Linkedin or Google+

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