LivingSocial, a deal-of-the-day company that’s seen as one of Groupon’s biggest rivals, said Thursday it has received a $175 million investment from e-commerce giant Amazon.

The Washington, D.C.-based start-up’s latest round of funding also included another $8 million from Lightspeed Venture Partners of Menlo Park, Calif. Lightspeed had previously led a $14 million round of funding for LivingSocial in April. Before that, the daily deal site had conducted two other rounds totaling $30 million.

LivingSocial said it plans to use the money for expansion. The daily deal site is in more than 120 markets, including cities in Europe and Australia, and projects its 2011 revenue at more than $500 million. Get the full story »