Groupon Raises, Like, A Billion Dollars
Investment to Continue Rapid Growth of Global Social Commerce Platform
Today Groupon announced that it has completed a $950 million round of financing. Groupon will use the funds to fuel global expansion, invest in technology, and provide liquidity for employees and early investors.
“We’re thrilled that Groupon has earned the confidence of some of the world’s most respected investment firms”
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. Allen & Company LLC acted as financial advisor. Previous funding rounds were led by New Enterprise Associates, Accel Partners, Mail.ru Group and DST.
In the last year, Groupon has been called “the fastest growing company ever” by Forbes Magazine and “America’s best website” by one of Groupon’s television commercials. In 2010, Groupon:
Today Groupon announced that it has completed a $950 million round of financing. Groupon 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. Allen & Company LLC acted as financial advisor. Previous funding rounds were led by New Enterprise Associates, Accel Partners, Mail.ru Group and DST.“We’re thrilled that Groupon has earned the confidence of some of the world’s most respected investment firms”
In the last year, Groupon has been called “the fastest growing company ever” by Forbes Magazine and “America’s best website” by one of Groupon’s television commercials. In 2010, Groupon:
- Expanded from 1 to 35 countries
- Launched in almost 500 new markets (from 30 markets in 2009)
- Grew subscribers by 2,500% from 2 million to over 50 million
- Saved consumers over $1.5 billion
- Worked with 58,000 local businesses, serving over 100,000 deals worldwide
“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.”About Groupon
Groupon, launched in November 2008 in Chicago, features a daily deal on the best stuff to do, eat, see and buy in more than 500 markets around the world. Groupon uses collective buying power to offer unbeatable prices and provide a win-win for businesses and consumers, delivering more than 650 daily deals globally. For more information, visit http://www.groupon.com. To learn more on how to become a featured business on Groupon, visit http://www.grouponworks.com.
Acquisition of leading local deal sites widens global footprint to five continents served
CHICAGO--(BUSINESS WIRE)--Groupon (http://www.groupon.com) announces the launch of Groupon India, Groupon Israel and Groupon South Africa via acquisition of daily deal sites SoSasta (http://www.sosasta.com), Grouper (http://www.grouper.co.il) and Twangoo (http://www.twangoo.co.za), respectively. Terms of the deals were not disclosed.
“Groupon is shaping the way local merchants market themselves in every corner of the world.”
Using the principles of collective buying, Groupon negotiates unprecedented discounts with popular businesses and shares them with subscribers via free daily emails. The deals are activated only when a minimum number of people agree to buy, encouraging subscribers to share the promotion with family and friends. By guaranteeing a large number of new customers, Groupon has created a powerful new marketing vehicle for local merchants in thousands of cities worldwide. This innovative approach to e-commerce has brought millions of dollars in new revenue to local businesses while saving more than $1.5 billion for consumers around the world.
The acquisitions continue Groupon’s rapid global growth and extend its reach across India, the Middle East and South Africa. In just three months since launch, SoSasta has grown to run daily deals in 11 Indian cities. Serving Tel Aviv and surrounding cities since March 2010, Grouper is widely recognized as the first and largest deal site in Israel. Twangoo has rapidly grown to serve the most cities of any deal site in South Africa. All three sites will transition to the Groupon brand name and site design in coming months, and will serve deals in the local communities’ primary languages: English in India and South Africa and Hebrew in Israel.
“Collective buying is in its infancy in India, Israel and South Africa and we see strong potential,” said Rob Solomon, president and chief operating officer of Groupon. “Groupon is shaping the way local merchants market themselves in every corner of the world.”
Groupon India, Groupon Israel, and Groupon South Africa will join Groupon’s global network, which offers unbeatable deals to more than 50 million subscribers in 40 countries. Groupon employs more than 4,000 people worldwide.
Contacts
Permalink: http://www.businesswire.com/news/home/20110110006746/en/CORRECTING-REPLACING-Groupon-Raises-Billion-Dollars
About Groupon
Groupon, launched in November 2008 in Chicago, features a daily deal on the best stuff to do, eat, see and buy in more than 500 markets around the world. Groupon uses collective buying power to offer unbeatable prices and provide a win-win for businesses and consumers, delivering more than 650 daily deals globally. For more information, visit http://www.groupon.com.
Contacts
Permalink: http://www.businesswire.com/news/home/20110111005817/en/Groupon-Expands-Local-Commerce-Platform-India-Israel
