Local commerce and TV commerce are converging as broadcasting giant Comcast gets behind Groupon in a $250m investment
Chicago daily deals giant Groupon has raised $250m in a new investment from Atairos, an independent private investment firm with links to broadcasting giant Comcast.
Groupon, one of the fastest-growing companies in US business history, has almost 50m active customers in 500 cities chasing 425,000 daily deals.
The company, which employs 140 people in Dublin, has embarked on a strategy to build a marketplace model to create a richer discovery experience for users, its CEO Rich Williams told Siliconrepublic.com recently.
Atairos is an east coast US venture capital company that was started earlier this year by the former vice-chairman and CFO of Comcast Michael Angelakis, with Comcast providing $4bn of Atairos’ capital.
Shop local
“Since creating the market in 2008, Groupon has redefined local commerce by increasing consumer buying power and changing the way businesses attract customers using modern mobile technology,” said Angelakis.
“We look forward to working closely with Groupon’s board and management team as they pursue their strategic growth objectives.”
As part of the investment in Groupon, Angelakis will join the board of Groupon.
Groupon said it will use the proceeds for general corporate purposes, including the repurchase of stock.
As part of the investment, Comcast will work with Groupon to identify new strategic business opportunities.
Comcast is the biggest broadcaster in the US and the biggest in the world by revenues of $74bn annually.
“Groupon is an established leader in connecting customers with local businesses,” said Neil Smit, president and CEO of Comcast Cable.
“The potential in combining Groupon’s local expertise with Comcast’s vast subscriber and advertiser network is something we look forward to closely exploring together.”
Groupon image via Shutterstock
