Groupon Looking To Raise Additional Funding After Turning Down Google Offer

Posted Dec 16, 2010

After Groupon Inc. turned down an offer from Google Inc. (NASDAQ:GOOG), it is rumored that they are looking for additional funding. Groupon has about 40 million subscribers and they are aiming to raise several hundred million dollars. This round of funding would put Groupon at a valuation of over $6 billion. Groupon would use the money to hire additional sales staff and maintain their domination over rivals. One of Groupon’s biggest competitor LivingSocial recently raised about $183 million from and Lightspeed. [Bloomberg]