Groupon readies for IPO
Groupon has announced that it has raised $950m in funding ahead of a rumoured Initial Public Offering later this year.
The group purchase website was founded in 2008, swiftly grown to become the largest of its type with a reach of some 50 million registered users.
It offers heavy discounts on products and services to its users, sometimes as much as 90%, but these deals are only honoured if a minimum number of users take the bait.
A portion of the revenue from each sale then fills Groupon’s coffers, raising some $500m last year.
An IPO is now thought likely to take place as early as mid year, according to Bloomberg.
Groupon recently raised eyebrows when its charismatic founder turned down a $6bn takeover by Google.