LivingSocial, the second-largest website for daily coupons in the U.S., is in discussions to raise nearly $500 million in funding, The Wall Street Journal reports. The company, which now serves 24 million subscribers in 230 markets in 12 countries, seeks to raise $100 million from a group of marquee investors.

The Washington, DC-based company will use the funds to narrow Groupon’s lead in the local-deal market. The new fundraising comes three months after LivingSocial raised $175 million from Amazon.com.

Click here for the story from The Wall Street Journal.