LinkedIn has secured extra funding to the tune of $53 million (£27million).

Business networking site LinkedIn has secured an additional $53 million (£27m) of funding from investors, valuing the company at over $1 billion.

The funds have come from new investor Bain Capital Ventures, and original investors Sequoia Capital, Greylock Partners and Bessemer Ventures – building on $27m from the last round of money-raising.

Dan Nye, Chief Executive of LinkedIn, said: “One of our fundamental beliefs at LinkedIn is that the company you keep is one of the most credible reflections of who you are and what you have to offer. 

“Like individuals, successful companies are also built on strong networks of relationships, and LinkedIn continually strives to create the right partnerships to help us build a great service for our members, and advance our business.  

“This significant investment is indicative of the confidence shared by our investors in our business model and our long-term growth strategy.”

Since its launch in 2006, LinkedIn has been profitable – providing a networking service to over 23 million business professionals across the world; it makes its money from advertising and premium subscriptions.

LinkedIn connects people in the workplace, helping them search for new jobs and make professional contacts, whereas people use sites such as Facebook, MySpace and Bebo for social reasons.

LinkedIn plans to use the new funds to add features to its site and expand its service in other languages.