The social buying site Groupon has closed a $950 million round of financing, the company confirmed in a statement on Monday. Claire Cain Miller of The New York Times notes on Bits that this is the largest amount of money ever raised by a start-up.
Late last month, the Chicago-based start-up disclosed in a filing that it had already secured about $500 million. According to people familiar with that deal, who spoke on condition of anonymity because were not authorized to speak publicly, major institutional investors like Fidelity Investments,T. Rowe Price and Morgan Stanley participated in the round.
Groupon said Andreessen Horowitz, Battery Ventures, Greylock Partners, Kleiner Perkins Caufield & Byers, Mail.ru Group, Maverick Capital, Silver Lake Partners and Technology Crossover Ventures were also investors in this round.
“We’re thrilled that Groupon has earned the confidence of some of the world’s most respected investment firms,” Groupon’s founder and chief executive, Andrew Mason, said in a statement. “With their support, we will continue on our mission to change the way people shop locally and serve the world’s local businesses.”
In December, Groupon rejected a reported $6 billion takeover bid from Google.