Groupon closes $950m funding

ONLINE advertising firm Groupon said yesterday it has completed its $950m (£610m) round of financing.

Chicago-based Groupon, which turned down a $6bn takeover offer from Google in November, said in a regulatory filing the bulk of the funds would be used to buy back shares from investors and to expand outside of the US.

The financing came from venture capital firms and late-stage investors including Maverick Capital, Silicon Valley stalwart Andreessen Horowitz, Silver Lake and Russian internet giant Group, Groupon said.