Just Raised $200 Million At A $1 Billion Valuation

Steven founder and CEO Steven Boal just raised $200 million at a $1 billion valuation, TechCrunch reports.The company is not a Groupon clone but instead does traditional, albeit online coupons, which is the fastest-growing segment of the industry.

It helps big companies build and distribute their coupons online, which is a very complex business.

The company, founded in 1998, is a dotcom bubble-and-burst survivor, which is impressive in and of itself. The company said that it’s projecting $100 million revenue this year; depending on growth and profits, this makes a 10X revenue valuation probably reasonable. 

The money came from unspecified “institutional investors”–probably crossover buyers like T. Rowe Price and other mutual funds that occasionally buy stock in private companies in the expectation that they’ll eventually go public.

Here’s the full release.

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