Daily deals website Groupon.com hit $760 million in 2010 revenues. This is a huge increase from their 2009 revenues of $33 million. More than one third of their sales came in from outside of the U.S. Groupon CEO Andrew Mason hopes to hit billions in 2011 revenues.
“By this time next year, we will either be on our way to becoming one of the great technology brands that define our generation, or a cool idea by people who were out executed and out innovated by others that were smarter and harder working,” said Mason in an internal memo. Groupon refused a $6 billion acquisition offer from Google and raised $950 million in funding earlier this year. Groupon has about 4,000 employees and offers deals in over 600 cities. In 2009, Groupon had 120 employees that set up deals in 30 cities.
Mason told his staff to be careful of complacency. Large companies and other “clones” plan to use significant resources to take away Groupon’s market share. “If you feel a little like Frodo climbing Mount Doom, you can’t be blamed,” said Mason in a reference to the Lord of the Rings book. Groupon has 51 million subscribers that they send deals to every day.