Internet bargain coupon phenomenon Groupon said Monday it had raised $950 million in the past month to invest in technology, fund its global expansion and compensate company employees and early investors.
Internet bargain coupon phenomenon Groupon said Monday it had raised $950 million in the past month to invest in technology, fund its global expansion and compensate company employees and early investors.
The two-year-old company said it had raised the money from venture capital firms and "late stage investors" including Andreessen Horowitz, Battery Ventures, Greylock Partners and Kleiner Perkins Caufield & Byers.
The $950 million included the $500 million the company announced it had raised on December 30, two weeks after launching a major fundraising effort.
The Chicago-based startup company, which offers subscribers online coupons for discounts on a broad range of consumer goods and services, had earlier rejected a reported $5 billion takeover offer from Internet giant Google.
In a statement Monday Groupon said its subscribers had grown to 50 million from just two million at the beginning of 2010.
(c) 2011 AFP
