Groupon reaches $950 million in financing
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Online coupon distributor Groupon announced that it has reached its goal of raising $950 million in financing.
The daily-deals company, which recently spurned a takeover bid from Google rumored to be as high as $6 billion, released a statement Monday with the tongue-in-cheek heading “Groupon raises, like, a billion dollars.”
According to Groupon’s statement, the financing came from venture firms and late-stage investors including Andreessen Horowitz, Battery Ventures, Greylock Partners, Kleiner Perkins Caufield & Byers, Mail.ru Group, Maverick Capital, Silver Lake, and Technology Crossover Ventures. Previous funding rounds were led by New Enterprise Associates, Accel Partners, and Mail.ru Group (formerly DST).
The company, founded in 2008 in Chicago, operates in 35 countries and has more than 50 million subscribers. Its revenue comes from taking a cut from each discount coupon it sells through its website.
-- Abby Sewell