Groupon nets over $500m in financing drive

ONLINE coupon service Groupon is more than half way to completing its $1bn (£645m) funding drive, according to a recent regulatory filing.

The Chicago-based firm has secured more than $500m from unnamed investors since walking away from a takeover offer from Google in December, it said in papers lodged with the US Securities and Exchange Commission last week.

Some of the proceeds will be used to repurchase shares owned by directors, according to the filing.

Chief executive and founder Andrew Mason, alongside several board members, was named in the filing, which did not specify which board members were set to sell stakes.

Groupon walked away from a takeover offer from Google last month, which was reported to be worth as much as $6bn.

Groupon is a privately held company that was launched two and a half years ago to send its members daily e-mails containing discount coupons. It now employs more than 1,000 staff and operates in 35 countries.

Yahoo offered in the region of $3bn for Groupon in failed acquisition talks in early 2010.