Lunch On A Dime (Almost): LivingSocial Launches New App With 'Dollar Lunch Day'

There is no such thing as a free lunch -- but, if you are a LivingSocial member, that $1 noontime deal Washingtonians took advantage of today probably felt pretty close it.

Through the company's new "Instant Deals" promotion, LivingSocial members with smart phones were able to logon to the LivingSocial mobile application to purchase "Dollar Lunch Day" deals.

The app — thanks to GPS — automatically pulls up a list of deals within a half mile radius.

Hand-picked, $1 lunches, were available for redemption from 11 a.m. – 2 p.m.

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Free Fryday ... All day today, you may also take advantage of Arby's "Free Fryday" promotion. Receive a free value-sized curly fries -- by printing off a coupon from Arby's Facebook page -- at any restraunt location during regular business hours. Happy noshing!

Tech Note: Neil Ashe Joins LivingSocial

LivingSocial has added Neil Ashe, former President of CBS Interactive, to its Board of Directors.

Neil led CBSi's content expansion strategy. Prior to that, he was CEO of CNET Networks.

"With this investment, we'll bring LivingSocial to tens of millions of new members around the world and introduce innovative ways to connect our members to merchants," said Tim O'Shaughnessy, CEO and co-founder LivingSocial. 

LivingSocial + Red Cross Tsunami Fundraiser

Today, LivingSocial is matching Red Cross donations.

For each $5 donation through this offer, LivingSocial will also donate $5 to the American Red Cross Japan Earthquake and Pacific Tsunami fund.

Donate --> $5 for $10 Donation to Japan Earthquake & Pacific Tsunami Fund

War Of The Daily Dealers: LivingSocial vs. Groupon vs. Facebook vs. ... ?

LivingSocial, the Washington, D.C.-based group-buying (daily deal) company, is in talks with potential investors to raise another $500M.

This comes three months after LivingSocial nabbed a $175M investment from Amazon.com -- and two months after competitor Groupon raised $950M in funding.

LivingSocial expects to triple its employee base to 1,800 this year as it expands to 300 markets; meanwhile Groupon already has more than 5,900 employees in 500 markets.

Facebook, which now has 600 million active users,  is also looking to get in on the action. Execs are working to expand the website's "check-in" widget to feature daily deals -- through partnerships with Open Table, Gilt City, Tippr, Reach Local and Home Run.

One question: WWGD?

Google has started testing its own daily deals site.