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Groupon raises $950 million in financing
An online coupon sent via email from Groupon is pictured on a laptop screen, November 29, 2010.
Credit: Reuters/Fred Prouser
NEW YORK |
NEW YORK (Reuters) - Web advertising firm Groupon Inc, announced on Monday that it has completed a $950 million round of financing.
The financing consists of several venture capital 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.
In December, Groupon, which specializes in local advertising, raised $500 million by selling an equity stake, a month after reports it turned down a $6 billion takeover offer from Google Inc.
Groupon said in a regulatory filing at the time that the bulk of the funds would be used to buy back shares from investors.
Proceeds from the offering by Chicago-based Groupon will be used for further expansion outside of the United States, along with technology and to provide liquidity for employees and early investors.
Allen & Company LLC acted as financial advisor.
(Reporting by Nadia Damouni; editing by Andre Grenon.)
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