LivingSocial got big on Facebook by creating applications that allowed people to list and share their interests, but it transitioned to provide group deals as that concept — led by rival Groupon — exploded. The switch is paying off, as LivingSocial today announced a huge $175 million round of funding from e-commerce giant Amazon, plus $8 million from Lightspeed Venture Partners.

The deal, first rumored a couple weeks ago, comes as Groupon considers a purchase by Google in a deal worth between $5 billion and $6 billion, according to many reports.

LivingSocial says it is bringing in around $1 million a day now, and expects to make above $500 million by the end of next year, although it’s not clear if that’s gross revenue. The new funding reportedly values the company at $1 billion.

Groupon, meanwhile, reportedly has revenues of more than $500 million already, and by some measures appears to be getting the majority of group deals traffic in at least the US.

LivingSocial says the new funding will go towards product and business expansion worldwide.