Collective Buying Site Groupon Raises $30 Million

Authored by Mark Hefflinger on December 2, 2009 - 8:24am.

Chicago - Groupon, the Chicago-based developer of a collective buying site that operates in 26 major U.S. cities, said on Wednesday that it has raised $30 million in a new round of funding led by Accel Partners.

Existing investors New Enterprise Associates also participated.

The year-old company features one sizable discount a day on food, products and services from local businesses.

The site gives visitors until midnight each day to accept a particular deal, but buyers only receive it if a minimum number of other people also sign up.

If that minimum is reached, then buyers are emailed a printable gift certificate. If not, they aren't charged.

The company said that it will use the funding to expand into new cities and improve its technology.

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