Linkedin gets $22.7 million investment

Linkedin has received $22.7 million from four investors. The financial injection is intended to protect the social networking site, which is mainly used for business, against the economic malaise.

The investment is made by Bessemer Venture Partners, one of the early investors, and three new investors: SAP Ventures, Goldman Sachs and The McGraw-Hill Companies, the publisher of Business Week, among others. Linkedin raised $53 million from other investors in June. That money is still untouched in the account. Linkedin CEO Dan Nye wants to reserve the funds for times of economic downturn or in case an interesting takeover candidate emerges, writes AP news agency.

Although Linkedin is one of the largest social networking sites with 30 million members, the profile site still seems to be looking for ways to increase sales. The company previously started its own advertising network. Linkedin also wants to offer companies the opportunity to conduct research among its subscribers for a fee.