Groupon raises $950 million in financing

NEW YORK Tue Jan 11, 2011 8:38am EST

An online coupon sent via email from Groupon is pictured on a laptop screen, November 29, 2010. REUTERS/Fred Prouser

An online coupon sent via email from Groupon is pictured on a laptop screen, November 29, 2010.

Credit: Reuters/Fred Prouser

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.)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.