Groupon has completed a $950 million round of financing from a broad consortium of investors.
The social buying company,which turned down a $6 billion offer from Google is sending a few clear messages. It doesn't need Google: It now has the cash to fund massive expansion. And there's massive interest in the company from Silicon Valley's investor community: It raised a huge amount of money from a range of investors very quickly.(The list of investors includes Andreessen Horowitz, Battery Ventures, Greylock Partners, Kleiner Perkins, Mail.ru Group, Maverick Capital, Silver Lake, and Technology Crossover Ventures.
The company says it'll use the funds to "fuel global expansion, invest in technology and provide liquidity for employees and early investors." And it boasted out-of-range of growth stats for 2010: it expanded from 1 to 35 countries, it launched in almost 500 new markets, and grew subscribers by 2,500% from 2 million to over 50 million. And perhaps the best indicator of its revenue: it served over 100,000 deals worldwide.
This financing could draw more offers for the company at a higher valuation than Google's $6 billion offer. Or it could simply pave the way for Groupon to move towards an IPO. As its next-largest rival Living Socialis bolstered by its partnership with Amazon , we'll see if Groupon feels the need to ally with a tech or Internet giant like Google or Microsoft . For now it's got the cash to go it alone.
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