Groupon raises US$950m


11 Jan 2011

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Group deals site Groupon today announced that it has completed a US$950m round of financing.

The company, which refused an acquisition bid from Google at the beginning of December 2010, said it will use the funds to fuel global expansion, invest in technology, and provide liquidity for employees and early investors.

The financing consists of several venture capital firms and late-stage investors, including Andreessen Horowitz, Battery Ventures, DST, Greylock Partners, Kleiner Perkins Caufield & Byers, Maverick Capital, Silver Lake and Technology Crossover Ventures.

“We’re thrilled that Groupon has earned the confidence of some of the world’s most respected investment firms,” said Andrew Mason, founder and CEO of Groupon. “With their support, we will continue on our mission to change the way people shop locally and serve the world’s local businesses.”

In the last year, Groupon has expanded its operations from one to 35 countries, including Ireland, and has increased its subscriber numbers from 2m to more than 50m. In 2010, it worked with 58,000 local businesses, serving more than 100,000 deals worldwide.

Article courtesy of Businessandleadership.com

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