Groupon raises $950 mil. to expand, pay off investors
NEW YORK — Online coupon service Groupon says it's finished raising $950 million to complete its biggest deal so far.
Monday's announcement comes less than two weeks after Groupon disclosed in a regulatory filing that it planned to raise the money.
The rapidly growing company intends to use the cash to expand and to buy back shares from its early investors and from some of its more than 3,000 employees.
Groupon's newest investors include prominent venture capital firm Kleiner Perkins Caufield & Byers and a fund run by Web browser pioneer Marc Andreessen.
The Chicago company decided to raise more money after rejecting an offer to sell to Google Inc. for as much as $6 billion, according to published reports.
Groupon offers daily discounts to about 50 million subscribers in 35 countries.