Groupon put out a press release today confirming its massive, unprecedented funding round (“Like, a billion dollars”). The release contains facts and jokes:
Today Groupon announced that it has completed a $950 million round of financing. Groupon will use the funds to fuel global expansion, invest in technology, and provide liquidity for employees and early investors.
I had read one reasonably credible source suggesting that the “liquidity for employees and early investors” may be in excess of $300 million.
Another joke (emphasis added):
Groupon has been called “the fastest growing company ever” by Forbes Magazine and “America’s best website” by one of Groupon’s television commercials.
Now stats and facts:
- Expanded from 1 to 35 countries
- Launched in almost 500 new markets (from 30 markets in 2009)
- Grew subscribers by 2,500% from 2 million to over 50 million
- Saved consumers over $1.5 billion
- Worked with 58,000 local businesses, serving over 100,000 deals worldwide
I love the humor in the release. Otherwise, however, it would be totally pompous to announce this much money being raised.
I think we can say with confidence that Groupon, LivingSocial and the proliferation of deals sites have helped to “institutionalize” some version of this model in the local marketing canon.
Among many remarkable online stories, Groupon’s is one of the most amazing for its sheer “bigness.”