Who needs Google and its $6 billion? Certainly not Groupon, or its founders.Groupon just revealed in a filing with the SEC that is has raised $500 million, and it intends to raise another $450 million.
Further, it says in the filing that $345 million of that $500 million is going to its cofounders, and early investors.
That means the early members of Groupon will be lining their pockets with a lot of cold hard cash thanks to this round.
Makes turning down Google seem like no big deal, huh?
Now, we should point out it’s we don’t know who is selling what, or how much. We would assume these guys are saving plenty of equity for Groupon’s IPO, so they’ll have billions.
For those just joining the story, Groupon is one of the fastest growing companies ever. It has a $2 billion annual gross revenue run rate after less than three years in business.
Users sign up for Groupon and every day they get an email with a deal in their town. For instance, yesterday in New York you could pay $10 for $20 worth of food at Pure Food and Wine, an upscale restaurant. Groupon typically keeps half of the sales.
It has millions of subscribers to its email list and it is adding millions more each week. It is one of the first few online companies to (seemingly) tackle the local small business market successfully.
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