LinkedIn chugging along

A BusinessWeek article reports that LinkedIn successfully raised $53 million in additional funding from VCs. This effectively values the professional networking site at more than $1-billion.

LinkedIn is one of the few social sites that has figured out how to profit consistently from user-generated content. It is expected to generate $100-million in revenue this year and its user base is still growing aggressively. Compared to the other social sites, its average user is also older and richer.

LinkedIn expects to use the extra cash to develop new communication and collaboration tools for its members and to fund expansion into new markets in Europe and China. While its current membership base is heavily US-skewed, the site does already have a significant global footprint. Singapore-based members are estimated to number well over 50,000 – making LinkedIn a useful networking and research tool for smart local businesses.