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Local deals site Groupon raises $500 million

Local deals site Groupon raises $500 million

Groupon, the fast-growing Internet startup that offers local deals and discounts to members, has raised $500 million of the $950 million it is planning to collect in its latest financing round.
The Chicago company said in a regulatory filing Thursday it plans to use up to $344.5 million of the proceeds to buy back shares from existing shareholders, including founder and CEO Andrew Mason.
The money is being raised just a few weeks after Google Inc.'s failed attempt to buy 2-year-old Groupon for a reported $6 billion.
Previous funding _ $135 million _ came from Mail.ru Group, also known as Digital Sky Technologies, a Russian Internet investment firm that also holds a stake in Facebook.


Updated : 2021-02-27 11:56 GMT+08:00