January 10, 2011 / 9:24 PM / in 7 years

Groupon raises $950 million in financing

NEW YORK (Reuters) - Web advertising firm Groupon Inc, announced on Monday that it has completed a $950 million round of financing.

The financing consists of several venture capital firms and late-stage investors, including Andreessen Horowitz, Battery Ventures, Greylock Partners, Kleiner Perkins Caufield & Byers, Mail.ru Group, Maverick Capital, Silver Lake and Technology Crossover Ventures.

In December, Groupon, which specializes in local advertising, raised $500 million by selling an equity stake, a month after reports it turned down a $6 billion takeover offer from Google Inc.

Groupon said in a regulatory filing at the time that the bulk of the funds would be used to buy back shares from investors.

Proceeds from the offering by Chicago-based Groupon will be used for further expansion outside of the United States, along with technology and to provide liquidity for employees and early investors.

Allen & Company LLC acted as financial advisor.

Reporting by Nadia Damouni; editing by Andre Grenon

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