LinkedIn secured $53 million in funding

LinkedIn, the professional networking website , secured $53 million in funding, on top of the $27 million it already raised.

The investment places a $1 billion valuation on the site, says Dan Nye from LinkedIn.

Bain Capital Ventures led the investment round, which included existing investors, Sequoia Capital, Greylock Partners and Bessemer Ventures.

Profitable since 2006, LinkedIn says the money will be used to help “execute on our vision.”

The investment will probably quiet rumors that the site is an acquisition target, although the billion-dollar valuation still makes LinkedIn (reasonably) affordable for any large media conglomerate. It’s certainly cheaper than Facebook, anyway.