Online coupon service Groupon says it has finished raising $950m (£610m) to complete its biggest deal so far. The announcement comes less than two weeks after Groupon disclosed in a regulatory filing that it planned to raise the money. The rapidly growing company intends to use the cash to expand and to buy back shares […]
Online coupon service Groupon says it has finished raising $950m (£610m) to complete its biggest deal so far. The announcement comes less than two weeks after Groupon disclosed in a regulatory filing that it planned to raise the money. The rapidly growing company intends to use the cash to expand and to buy back shares from its early investors and from some of its more than 3,000 employees.
Groupon’s newest investors include prominent venture capital firm Kleiner Perkins Caufield & Byers and a fund run by Web browser pioneer Marc Andreessen.
The Chicago company decided to raise more money after rejecting an offer to sell to Google Inc. for as much as $6 billion, according to published reports.
Groupon offers daily discounts to about 50 million subscribers in 35 countries. It sends its members daily emails with about 200 deals for goods and services.
The deals are activated only when a minimum number of people agree to make a purchase, giving Groupon clout to negotiate steep group discounts on products and services.
Last month Groupon snubbed a reputed $6bn (£3.8bn) acquisition by Google and has since confirmed its plan to raise $950m in funding.
