Groupon seeks funding, eyes $3 billion value: report

NEW YORK Mon Nov 8, 2010 3:12pm EST

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NEW YORK (Reuters) - Groupon Inc is seeking venture capital financing that may value the operator of the daily coupon website at $3 billion, Bloomberg News said on Monday, citing three people familiar with the matter.

The company hopes to use the financing to expand beyond the 230 markets where it now operates, the report said.

Groupon has been discussing funding that values the company at $2 billion to $3 billion, the report added, citing two of the people.

A Groupon spokeswoman declined to discuss any further investment that the company is making.

Groupon sends members daily emails on about 200 offers that are activated only when minimum numbers of customers agree to make purchases. This gives Groupon the ability to negotiate steep group discounts.

(Reporting by Jonathan Stempel; Editing by Lisa Von Ahn)

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