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Groupon drops $500m in piggy bank, eyes world hungrily

Still looking for $450m, mind

Website security in corporate America

Groupon confirmed yesterday that it has already raised more than half of the $950m it is seeking in a monster equity funding round.

The Chicago-based ecommerce coupon website, which recently shunned a $6bn takeover plan from Google, said in a US Securities and Exchange Commission filing on Thursday that it had cobbled together $500m by selling an equity stake.

It said the majority of the funds raised would be used to buy back shares from investors. However, it did not reveal how much of the stake had been sold and kept the buyer or buyers anonymous.

The fast-growing internet company, which specialises in local advertising and has 35 million users and 3,000 staff worldwide, is still chasing more cash. It is hoping to raise a total of $950m in an effort to reach out to markets in Latin America, Europe and, well, everywhere. ®

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