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Groupon raises $950 million from several VC firms

US-based daily deal site Groupon has raised $950 million from several venture capital firms, including Andreessen Horowitz, Battery Ventures, Greylock Partners, Kleiner Perkins Caufield & Byers, Mail.ru Group, Maverick Capital, Silver Lake, and Technology Crossover Ventures. Groupon will use the funds to fuel global expansion, invest in technology, and provide liquidity for employees and early investors.

US-based daily deal site Groupon has raised $950 million from several venture capital firms, including Andreessen Horowitz, Battery Ventures, Greylock Partners, Kleiner Perkins Caufield & Byers, Mail.ru Group, Maverick Capital, Silver Lake, and Technology Crossover Ventures. Groupon will use the funds to fuel global expansion, invest in technology, and provide liquidity for employees and early investors.

“We are thrilled that Groupon has earned the confidence of some of the world’s most respected investment firms,” Andrew Mason, founder and chief executive officer, Groupon, has said. “With their support, we will continue on our mission to change the way people shop locally and serve the world’s local businesses.”

According to Groupon, the company has worked with 58,000 local businesses, served over 100,000 deals worldwide and saved consumers over $1.5 billion since its launch in November 2008. In 2010, Groupon expanded from 1 to 35 countries, launched in almost 500 new markets (from 30 markets in 2009) and grew subscribers by 2,500 per cent from 2 million to over 50 million.

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