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Groupon Raised $500 Million In Funding

Daily group deals platform Groupon has raised more than $500 million in a latest round of funding that is expected to rake in around $950 million.

In a filing made to the US Securities and Exchange Commission, the company disclosed that it had raised more than $500 million in funds from investors in a fresh round of funding, that has valued the company at $4.75 billion.

Some of the companies investing in Groupon include Digital Sky Technologies, Fidelity Investments and Morgan Stanley. Groupon recently turned down a $6 billion acquisition offer from search engine giant Google.

When the $950 million round of funding is completed, the company is expected to be valued at around $7 billion, more than what Google was offering.

According to Bloomberg, a significant chunk of money will be used to buy back some of the company's shares.

Groupon, which started back in 2008, is expected to generate around $500 million in sales in 2010. The platform allows people to opt in for group discount schemes.